SM Prime Holdings Inc. (SMPH) has announced the interest rates for its planned 25-billion Philippine peso fixed-rate bond offering. The company will issue three series of bonds, with maturities in 2028, 2031, and 2035, each carrying an attractive interest rate. SMPH plans to use the proceeds from the bond offering to expand its commercial property businesses, including malls, hotels, and offices.
Property developer SM Prime Holdings Inc. (SMPH) has announced the interest rates for its planned 25-billion Philippine peso fixed-rate bond offering . In a disclosure to the stock exchange on Monday, SMPH revealed that the peso-denominated fixed-rate bonds , Series Y due in 2028, will carry an interest rate of 6.0282 percent per annum. Series Z, due in 2031, will have an interest rate of 6.2113 percent, while Series AA, due in 2035, will offer 6.4784 percent.
The property firm plans to issue a principal amount of 20 billion pesos, with the option to oversubscribe for an additional 5 billion pesos. The offer period for the bonds will run from February 12 to 18, 2025. The bonds will be listed on the Philippine Dealing & Exchange Corp. All three series – Y, Z, and AA – have been rated PRS Aaa by Philippine Rating Services Corp. (PhilRatings). A PRS Aaa rating is the highest rating assigned by PhilRatings, indicating that these obligations are of the highest quality with minimal credit risk. It signifies that the issuing company has an extremely strong capacity to meet its financial commitments on these obligations. This latest bond offering will be issued as the second tranche from the company's 100-billion peso shelf registration, which was approved by the Securities and Exchange Commission in June 2024. SMPH announced last week that it has allocated 33 billion pesos this year to expand its commercial property businesses, including malls, hotels, and offices. Of the total budget, 21 billion pesos will be used to expand the group's mall gross floor area (GFA) by 205,400 square meters. An additional 124,488 sq. m. of existing mall space will be redeveloped. By the end of 2025, SMPH projects its mall GFA to reach 8.08 million sq. m. The listed property group will also invest 6 billion pesos to build two convention facilities, expand its hotel rooms, and another 6 billion pesos to develop new office towers
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