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SM selling $400M in bonds

October 07, 2010 | Business World Online

SM INVESTMENTS Corp., the listed holding firm of mall and banking tycoon Henry Sy, Sr., will issue $400 million worth of bonds to current debt holders and new investors.

The first bond exchange for a local company, which is expected to be completed in the middle of next week, will extend the holding firm's debt maturity to 2017.

"The principal amount of the 2017 bonds to be issued upon exchange from the 2013 bonds previously priced at 6.75% per annum is $82.9 million, while those to be issued upon exchange from the 2014 bonds priced at 6% per annum is $130.8 million," the company told the local bourse on Thursday.

Furthermore, SM Investments said it "will also be issuing additional 2017 bonds to investors in a new money component of approximately $186.3 million which is 6.7 times oversubscribed across 70 accounts."

Of the new bonds, 64% will be allotted to Asian investors, 27% to local investors, and 9% to European investors.

SM Investments said the settlement date of the bond exchange and the bond sale is on Oct. 13.

SM Investments wants to sell new debt papers in exchange for its 6.755% 2013 bonds, of which $350 million are outstanding, and 6.0% 2014 bonds, of which $500 million are on issue.

Last month, SM Investments held a non-deal road show to meet investors in Hong Kong, Singapore, London, Boston, New York, and Denver.

SM Investments has five core businesses -- retail (SM Retail, Inc.), malls (SM Prime Holdings, Inc.), banking (Banco de Oro Unibank, Inc. and China Banking Corp.), property (SM Development Corp.) and hotel and entertainment (SM Hotels and Conventions Corp.).


Company: SM Investments

Full company nameSM Investments Corporation
Country of riskPhilippines
Country of registrationPhilippines
IndustryConstruction and development

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