MANILA, Philippines - Mall-to-banking group SM Investments Corp. (SMIC) announced on Friday it would issue P7 billion worth of 5-year corporate notes to refinance debt.
In a statement to the Philippine Stock Exchange, SMIC said the notes would be priced "at 50 basis points above the PDSTF and will be available via private placement to institutional lenders."
The conglomerate will use most of the proceeds to refinance an existing liability worth P4.3 billion which will mature in 2012. The balance will go to other corporate requirements.
ING Bank N.V., Manila Branch has been appointed lead manager and sole bookrunner for the issue.
SMIC, owned by the country's richest man Henry Sy, earlier said it expected earnings growth of 12% to 14% this year.
Shares in the company, which has interests in mall operator SM Prime Holdings Inc. and top lender Banco de Oro Unibank Inc., fell 0.6% in a market that was down 0.06%.