SUMMARY
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MANILA, Philippines – The Securities and Exchange Commission (SEC) approved a plan of Henry Sy-owned SM Investments Corporation (SMIC) to raise up to P15 billion from bonds.
Based on its registration statement filed with the SEC, SMIC said it would issue P10 billion in fixed-rate retail bonds with an overallotment of P5 billion. The bonds will have tenors of 7 and 10 years.
Proceeds will be used to refinance debts and fund expansion projects.
SMIC will refinance P13.15 billion worth of maturing obligations this year.
It also plans to spend P80 billion in capital expenditures, bulk of which will go to its subsidiary SM Prime Holdings Inc., which is engaged in mall and property development.
Aside from SM Prime, SMIC also owns SM Retail and banks BDO Unibank Inc. and China Banking Corporation.
In 2013, SMIC posted an 11% increase in net income to P27.45 billion from P24.67 billion the previous year after all its businesses performed well. – Rappler.com
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