MANILA - SM Prime Holdings Inc. said on Monday it plans to issue up to P20 billion worth of bonds.
The planned bond offering of P15 billion with an oversubscription option of P5 billion will be issued out of the P60-billion three-year debt securities program earlier approved by the Securities and Exchange Commission, the company told the stock exchange.
The latest bond offering has been assigned the highest rating of PRS Aaa by Philippine Rating Services Corp., denoting highest quality with minimal credit risk.
SM Prime posted a recurring net income of P79.8 billion in 2016, up 14 percent from the P71.5 billion booked in 2015.
The growth was driven by mall expansions as well as strong sales in its housing unit, the company said.
SM Prime shares were up 1.72 percent to P29.50 on Monday.