MANILA - Philippine mall developer SM Prime Holdings Inc. is planning to raise up to P7 billion ($162 million) via a syndicated loan in the first quarter to partly fund its 2012 capital spending plans, a company official said.
The company plans to open three new malls in the Philippines next year and acquire properties in China where it also operates malls, Jeffrey Lim, company chief finance officer told reporters late on Wednesday.
Lim said SM Prime was planning to raise P5 billion from the syndicated loan carrying a maturity of possibly 5 to 10 years, with an option to increase the issue to P7 billion.
SM Prime, a unit of banking-to-property conglomerate SM Investments Corp., plans capital spending of P21 billion next year.
Rizal Commercial Banking Corp., ANZ and ING Bank form the syndicate, Lim said.
Shares of SM Prime rose 0.5 percent in a market that closed nearly flat on Thursday.