Property developer SM Prime Holdings Inc. (SMPH) plans to raise up to P25 billion next year from the issuance of fixed-rate bonds.
SMPH said in a disclosure to the stock exchange Thursday it submitted to the Securities and Exchange Commission (SEC) an application to issue and sell up P20 billion, with an over subscription option for another P5 billion worth of bonds.
The offering consists of 3-year Series Y Bonds due 2028, 6-year Series Z Bonds due 2031 and 10-year Series AA Bonds due 2035.
The bonds will be issued as second tranche from the company’s P100-billion bond shelf registration program approved by the SEC in June.
Meanwhile, SMPH also disclosed that its planned bond offering was assigned a rating of PRS Aaa by Philippine Rating Services Corp. (PhilRatings).
The rating for SMPH’s outstanding bonds amounting to P137.8 billion was maintained at PRS Aaa.
PhilRatings assigned a stable outlook for the ratings of the proposed and outstanding bonds.
PRS Aaa is the highest rating assigned by PhilRatings, denoting that such obligations are of the highest quality with minimal credit risk and that the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.
SMPH raised P25 billion in June from the issuance of three-year, five-year and seven-year bonds.
SMPH plans to spend P110 billion in capital expenditures in 2025 primarily to finance construction of new malls and residential projects.
