SM Prime Holdings, Inc. plans on raising around P60 billion through a bond issue. They also expect to raise the amount over the next three years or so. The first tranche targeted will be launched by July. In a recent statement, Henry Sy, Sr. revealed that the firm’s board of directors approved the offering on the 16th of May.
The company will present an initial offer of P5 billion worth of fixed rate bonds, which will mature in 10 years. SM Prime will begin selling bonds within July. The proceeds of the issue will be used to “fund requirements for the year,” according to VP of Finance, Teresa Cecilla H. Reyes.
