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SM taps 4 banks for bond sale

SM Prime Holdings Inc. has hired four banks to handle its P20-billion bond offering in December.

SM Prime said in a filing with the Securities and Exchange Commission it tapped BDO Capital & Investments Corp., BPI Capital Corp., Chinabank and First Metro Investments Corp. as the joint lead underwriters for P15 billion bond offering, with an over subscription option of up to P5 billion.  The bonds will mature in 2021 and 2025.

Net proceeds from the bond offering will primarily be used to build more shopping malls, as the company expects the mall business to remain its primary focus.

It also expects shopping mall operations to account for majority of the group’s net income in the coming years.

SM Prime is set open to three additional malls in the second half this year, including SM Seaside Cebu, SM Cabanatuan and SM Sangandaan.

The opening of new malls will increase the company’s overall gross floor area by 8 to10 percent this year to 7.3 million square meters. 

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