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SEC effectively okays SM Investments’ P30 billion shelf offering

The Securities and Exchange Commission (SEC) has considered favorably the public offering by SM Investments Corp. of fixed-rate bonds worth as much as P30 billion under shelf registration. 

In its meeting on September 15, the Commission En Banc resolved to render effective the registration statement of SMIC for debt securities to be issued in tranches within three years, once the company complies with certain remaining requirements. 

SMIC will initially offer fixed-rate bonds in the aggregate principal amount of P5 billion, with an oversubscription option for up to P5 billion. The net proceeds from the offer – estimated at P9,886,821,875.00 – will refinance existing debt obligations of the publicly listed company.

The first tranche will comprise 3.5-year Series H Bonds due in 2024 to be issued in minimum denominations of P20,000.00, and in multiples of P10,000.00 thereafter, and traded in denominations of P10,000.00 on Philippine Dealing & Exchange Corporation.

The first tranche bonds will be offered to the public at face value through BDO Capital & Investment Corporation, China Bank Capital, BPI Capital Corporation, First Metro Investment Corporation and SB Capital as joint lead underwriters.

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