SM Prime to raise up to P10 billion from bond offer

ABS-CBN News

Posted at Dec 21 2020 03:56 PM

SM Prime to raise up to P10 billion from bond offer 1
Artist rendition of SM City Butuan. SM City Butuan is one of the two malls opened by SM Prime in 2020. Handout.

MANILA - SM Prime is set to raise up to P10 billion from the second tranche of its P100 billion bond program, the company said on Monday.

SM Prime said the bonds will have a maturity period of up to two and a half years and 5 years and will be listed at the Philippine Dealing and Exchange Corp.

Last March, the mall developer announced a P100-billion shelf bond registration and raised P15 billion initially from its first tranche.

The proceeds will go to expansion projects such as the building of new malls and a reclamation project in Pasay, SM Prime said.

“SM Prime is set to establish further integrated property developments in various developing provincial cities in the Philippines,” SM Prime President Jeffrey C. Lim earlier said.

For this year, SM Prime's expansion was delayed due to the COVID-19 pandemic, but managed to open regional malls at the end of the year such as SM Mindpro in Zamboanga and SM City Butuan.

Watch more News on iWantTFC