SM Prime raises P5B via issuance of floating rate notes

Mall developer and operator SM Prime Holdings Inc. has raised P5 billion through its first capital market issuance for this year, the company told the Philippine Stock Exchange on Thursday. SM Prime said the proceeds from the issuance of five-year floating rate notes will be used to fund the company’s ongoing capital expenditures and general corporate requirements. The issue was solely arranged by First Metro Investment Corp. and was subscribed by Allied Bank, Bank of the Philippine Islands, and Metropolitan Bank and Trust Co. “The very positive response of financial institutions to the company’s issuance manifests the market’s confidence in SM Prime’s creditworthiness, stability, and growth potential," SM Prime president Hans T. Sy said. For this year, SM Prime plans to open a total of three malls — SM City Masinag in Antipolo City, SM City San Fernando in Pampanga, and SM City Olongapo in Zambales. The company is also set to expand two of its existing malls such as SM City Davao in Southern Mindanao and SM City Dasmariñas in Cavite. By the end of the year, SM Prime will have 43 malls nationwide with a gross floor area of 5.2 million square meters. — JE, GMA News