The Securities and Exchange Commission has cleared a P30 billion bond offering program planned by the country’s largest conglomerate, SM Investments Corp. (SMIC) for the next three years.
The first tranche of the offering is worth a maximum of P10 billion, including an option to upsize by P5 billion, the SEC said in a press statement on Thursday.
The first tranche will comprise 3.5 year bonds due 2024 to be issued in minimum denominations of P20,000, and in multiples of P10,000 thereafter.
The bonds are expected to be listed and traded on the Philippine Dealing & Exchange Corp.
Net proceeds from the offer, estimated at P9.89 billion, will be used by SMIC – the country’s leading player in the property, banking and retailing businesses – to refinance existing debt obligations.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For the latest news and updates, follow us on Google News. Also, if you like our efforts, consider sharing this story with your friends, this will encourage us to bring more exciting updates for you.