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SM selling P25-b bonds

By Jenniffer B. Austria | Jun. 09, 2014 at 12:01am [ manilastandardtoday.com ]

SM Prime Holdings Inc. disclosed over the weekend a plan to sell P25 billion worth of retail bonds next month.

SM Prime vice president for finance Ma. Teresa Cecilia Reyes said in a text message the offering period for the maiden peso retail bond sale would be from July 16 to 25.

The company hired four underwriters, including BDO Capital and Investments Corp., First Metro Investments Corp., China Banking Corp. and BPI Capital Corp. to arrange the deal.

First Metro president Roberto Juanchito Dispo said investors were very excited at investing in SM Prime’s maiden peso retail bond offering.

“Considering this maiden bond issue of SM Prime, investors are being accorded the opportunity to invest into the company, which has very strong fundamentals,” Dispo said.

Dispo said SM Prime recently conducted a road show, which was attended mostly by institutional investors.  SM Prime is offering P15 billion in bonds with P10 billion overallotment in case of oversubscription.

The bonds will be offered with tenors of five years and six months, seven and/or 10 years.

The proceeds of the bonds will be used to finance capital expenditures for the expansion of SM malls, offices and hotel operations.

SM Prime’s consolidated net income increase 11 percent to P4.58 billion in the first quarter from P4.11 billion a year ago, as consolidated revenues rose 3 percent to P15.35 billion from P14.95 billion.

Rental revenues, which accounted for 56 percent of the consolidated revenues, grew 12 percent to P8.56 billion in the first quarter from P7.63 billion in the same period in 2013.

Real estate sales recorded a 17-percent decline to P5.02 billion from P6.01 billion.  Amusement and other revenues increased 30 percent to P710 million in 2014 from P546 million due to the opening of new amusement rides at the Sky Ranch in Tagaytay in March 2013 and reopening of ice skating rink at SM Megamall in January 2014.
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