SMIC said the P50-billion fixed rate bond program will be registered under the Securities and Exchange Commission’s (SEC) shelf registration program. Under shelf registration, companies can seek a one-time approval for their massive fund-raising programs and then offer the bonds in tranches over a three-year period. “Initial issuance under this program is expected later this year in the amount of P15 billion, with an oversubscription option of up to P5 billion,” SMIC said in a statement. SMIC’s property subsidiary SM Prime Holdings Inc. also has a separate P50-billion debt raising program under the SEC’s shelf registration scheme. SMIC’s core businesses are retail (SM Retail), real estate (SM Prime), and banking (BDO Unibank Inc.), while its non-core businesses include investments in mining, entertainment, and tourism.

Source: Manila Times September 21, 2016 16:41 UTC