The Securities and Exchange Commission has favorably considered the public offering by SM Investments Corp. of fixed-rate bonds worth as much as P30 billion under shelf registration.
During its September 15 meeting, 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 would 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 P9.887 billion would refinance the existing debt obligations of the publicly listed company.
The first tranche would comprise 3.5-year Series H Bonds due in 2024 to be issued in minimum denominations of P20,000, and in multiples of P10,000 thereafter, and traded in denominations of P10,000 on Philippine Dealing & Exchange Corp.
The first tranche bonds would be offered to the public at face value through BdO Capital & Investment Corp, China Bank Capital, BPI Capital Corp, First Metro Investment Corp, and SB Capital as joint lead underwriters.