SM Prime Holdings, the country's largest mall operator, said Tuesday it would issue up to P10 billion in fixed rate retail bonds.
An initial P5-billion offering will be made with a P5-billion over subscription option over a three-year-period. The bonds mature in 10 years, the company told the stock exchange.
The company said its board of directors approved the issuance of up to P60 billion in bonds.
Shares of SM Prime were unchanged at P24.55 in early trading.
The company, owned by the country's richest man Henry Sy, said last week that it was opening its 58th mall in the Manila suburb of Trece Mertires.