SM Investments to issue 7- and 10-yr US dollar bonds - GMA Network

A retail trade, banking and property development giant on Wednesday said its going to the market for funds as part of its approach to debt management.
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The Henry Sy-led SM Investment Corporation (SMIC) disclosed to the Philippine Stock Exchange it plans to issue seven- and 10-year US Dollar bonds.
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Hired to sell the bonds to investors were Citi, JP Morgan, and Deutschebank.
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?The offering is a debt management exercise which aims to further lengthen the company?s debt profile and take advantage of much improved interest rate environment,? SMIC?s disclosure read.
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The company has yet to announce the terms and prices for its bond float.?
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?The Board of Directors also authorized the management to negotiate and finalize the amount, terms and pricing of the bond issue subject to the prevailing market condition,? the company noted.
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Last month, SMIC raised P5 billion by floating seven- and 10-year fixed rate corporate notes to finance Mall of Asia?s SM Arena and a 200-room hotel in Davao City.
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According to a Reuters company profile, SM Investments is the holding company of the SM Group of Companies, primarily engaged in five businesses through its subsidiaries: shopping mall development, retail, real estate development, hotel and conventions and financial services. ? Rouchelle Dinglasan/VS, GMA News

Source: http://www.gmanetwork.com/news/story/276663/economy/finance/sm-investments-to-issue-7-and-10-yr-us-dollar-bonds

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