SM Investments Corp. reduced the size of its planned bond offering to P10 billion from an initial target of up to P15 billion.
SMIC said in a disclosure to the stock exchange it filed with the Securities and Exchange Commission Wednesday an amended prospectus for the planned issuance of P5-billion fixed-rate retail bonds with an oversubscription of up to P5 billion. The bonds will have a tenor of 3 years and six months.
The conglomerate tapped BDO Capital and Investments Corp., China Bank Capital, BPI Capital Corp., First Metro Investments Corp. and SB Capital as the joint lead underwriters for the bond offering.
The P10-billion bond offering represents the initial tranche from the company’s P30-billion bond shelf registration program it also filed with the SEC.