Mall operator SM Prime Holdings Inc. told the stock exchange on Wednesday that it has completed an offer of P3 billion worth of fixed rate notes.
The notes, which have maturity of five, seven and ten years from issue date, were oversubscribed. SM Prime said 16 institutional lenders subscribed to the issue.
First Metro and Investment Corp., the investment banking arm of top lender Metropolitan Bank and Trust Co., arranged the deal.
Offer proceeds would be used to fund SM Prime's ongoing capital expenditures and general corporate requirements, the company said.
For 2008, SM Prime is spending P6 billion to put up shopping centers in Marikina, Bulacan and in Pangasinan. It is also expanding three of its malls, namely SM Megamall, SM Fairview and SM North EDSA.
The mall operator has also earmarked P33 billion for projects over the next five years.
Last May, SM Prime got the nod of the Securities and Exchange Commission to acquire three Sy-owned malls in China through a P10.8-billion share swap. The malls are located in the cities of Jinjiang, Xiamen and Chengdu.