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SMIC secures listing of P25-B retail bonds in PDEX

Published on 14 July 2012 [ ]
Written by Madelaine Miraflor

SM Investments Corp. (SMIC) will list on July 16 its retail bonds amounting to P25 billion at the Philippine Dealing and Exchange Corporation (PDEX), to let bondholders to freely trade their bonds through accredited brokers between the listing date and the maturity of the bonds.

In a disclosure to Philippine Stock Exchange (PSE), SMIC said that, “specifically, the bonds to be listed are the P10-billion worth of Fixed-Rate Series A Bonds due 2014 and Series B Bonds due 2016, plus the recently issued P15-billion worth of Fixed-Rate Series C Bonds due 2019 and Series D Bonds due 2022.”

“We are glad to have a venue by which we can provide increased flexibility to our bondholders, while also giving greater access to retail investors of SM Bonds. I would also like to take this opportunity to thank all those who supported our recent bond offer,” SM Executive Vice President and Chief Financial Officer Jose Sio said.

According to SMIC, the proceeds of the bond issue will be used to finance the medium-term projects of SM in the hotel and commercial properties business.

“SM is also continuing its expansion of the malls in provincial areas and in China under its mall subsidiary SM Prime Holdings Inc., while the residential business will be launching four to five new projects each year under its residential arm SM Development Corp,” said SM in a statement.

Recently, SMIC subscribed to its shares in Banco De Oro’s landmark rights offer worth $1billion to further enhance the bank’s core capital and prepare for larger infrastructure funding.

SMIC, one of the largest holding firms in the country, is engaged in diversified businesses through its subsidiaries, SM Prime Holdings Inc., the shopping mall developer.

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