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MANILA - SM Investments Corp. secured the approval of the Philippine Dealing and Exchange Corp. to list P25 billion worth of retail bonds.
In a statement, the Henry Sy-led conglomerate said the bonds that will be listed cover the P10-billion fixed-rate Series A bonds due 2014 and Series B bonds due 2016 as well as the recently issued P15 billion worth of Series C Bonds due 2019 and Series D Bonds due 2022.
“We are glad to have a venue by which we can provide increased flexibility to our bondholders, while also giving greater access to retail investors of SM bonds," said Jose Sio, SMIC executive vice president and chief financial officer.
Strong demand prompted SMIC to upsize its recent offering from the initial P10 billion, the proceeds of which will be used to finance its medium-term projects in the hotel and commercial properties business.
The SM group is engaged in the business of property development, shopping mall, retail, banking, hotels and convention centers.
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