Property developer SM Prime Holdings Inc. is returning to the bond mark as it seeks to raise P10 billion from the issuance of seven-year fixed-rate bonds.
SM Prime said in a disclosure to the stock exchange it filed with the Securities and Exchange Commission an application for the offering of P5 billion worth of fixed-rate bonds, with an oversubscription option for another P5 billion.
The latest bond offering will be the third tranche to be issued from the company’s P100-billion bond shelf registration program approved by the SEC in February 2020. The bonds will be listed and traded through the Philippine Dealing and Exchange Corp.
The bond offering was assigned a rating of PRS Aaa by Philippine Rating Services Corp. PRS Aaa, the highest rating assigned by Philratings, denotes 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.