SM Investments plans P4-B debt issue

Reuters

Posted at Jan 31 2011 04:52 PM | Updated as of Feb 01 2011 12:52 AM

MANILA, Philippines - Mall-to-banking group SM Investments Corp. said on Monday it was planning to refinance about P4.3 billion pesos ($97 million) of debt through a private placement.

SM Investments told the stock exchange the debt refinancing was part of its regular debt management, but did not provide further details.

The conglomerate, owned by the country's richest man Henry Sy, also said it expected earnings growth of 12% to 14% this year. Its estimate is in line with consensus forecast of 14% growth in SM Investments' net income this year to P20.7 billion, according to Thomson Reuters I/B/E/S.

A Philippine Star newspaper report on Monday quoted unidentified sources as saying the company was planning to offer up to P5 billion of 5-year fixed rate notes to institutional lenders next month.

Shares in SM Investments, which has interests in mall operator SM Prime Holdings Inc. and top lender Banco de Oro Unibank Inc., fell 3.89% in a market that was down 2.24%.