Vol. XXI, No. 243-A [ BusinessWorld Online ]
Saturday, July 12, 2008 | MANILA, PHILIPPINES
Holding company SM Investments Corp. (SMIC) on Friday said it had raised $350 million from the sale of five-year dollar bonds.
Swiss bank UBS AG arranged the deal, priced at a fixed rate of 6.75%. Corazon P. Guidote, SMIC vice-president for Investor Relations, said the amount was raised from Asian and European investors who expressed interest in the bond following a roadshow in Manila, Hong Kong, Singapore and London.
Earlier, the company said it would the proceeds of the bond offer to refinance maturing debt and expand its commercial and hotel businesses.
The bond issue was the largest fromm a Philippine corporation that fetched one of the lowest yields. It was also the first successful international corporate bond offering from the Philippines in more than two years, SMIC said.
As of June, SMIC had a market capitalization of $3.3 billion and is one of the major players in retail trade, mall operations, banking, residential, commercial, resort and hotel development. — KJRL
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