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Philippines' SM Prime files 100B-peso debt shelf

SM Prime Holdings Inc. on Jan. 10 confirmed it filed an application with Philippines' securities regulator for the potential sale of 100 billion pesos of debt securities.

The Filipino developer's confirmation came after BusinessWorld published a report about the company's registration of the three-year debt program.

SM Prime intends to issue the first tranche of bonds under the program in February. The offering, which will have a principal amount of 15 billion pesos, will come with an overallotment option for up to 5 billion pesos. It will comprise five-year series bonds that will mature in 2025 and seven-year series bonds callable in 2027.

From the first tranche offering, SM Prime aims to net 19.68 billion pesos, with the expected amount earmarked for capital expenditures and mall expansion projects through 2022.

BDO Capital and Investment Corp. and China Bank Capital Corp. are the joint managers for the issuance. They will also serve as joint book runners and joint lead underwriters together with BPI Capital Corp., EastWest Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp.

As of Jan. 9, US$1 was equivalent to 50.69 Philippine pesos.