SM property unit lists P10-B bonds on PDEx
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Sun, 19 May 2019 16:29:16 +0000
LISTED SM Prime Holdings Inc. has listed fixed-rate bonds worth P10 billion on the Philippine Dealing Exchange (PDEx).
In a statement last Friday, the Sy-led property developer said the SMPH Series J bonds had a tenor of three years and would mature in 2022.
They served as the fourth and final tranche of its P60-billion shelf registration program, which the Securities and Exchange Commission approved in 2016, it added.
The bonds will yield 6.2223 percent per annum, to be paid every 17th of May and November until they mature.
Affiliates BDO Capital and Investment Corp. and China Bank Capital Corp. are the joint issue managers and bookrunners of the transaction. They are also the joint lead underwriters, along with BPI Capital Corp. and First Metro Investment Corp.
SM Prime’s issuance brings the PDEx’s total outstanding listing volume to P1.17 trillion and to P149 billion year-to-date.
In the first quarter of the year, SM Prime reported a 16-percent increase in its net income to P8.8 billion from P7.6 billion in the same period last year.
Consolidated revenues rose by 14 percent to P26.5 billion from P23.3 billion. Of the current amount, its mall business contributed 56 percent and its residential business, 35 percent. Other recurring income portfolio, such as hotels, convention centers and commercial properties, contributed the rest.
SM Prime has set P80 billion in capital expenditures this year to fund its expansion plans in the Philippines and China.
SM Prime shares grew 3.03 percent or P1.15 to end at P39.10 apiece last Friday.
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