By Cris Larano
MANILA--Philippine conglomerate SM Investments Corp. (SM.PH) said Monday it will use proceeds from its planned issuance of seven-year bonds for investments, strategic acquisitions and debt refinancing.
SM Investments expects to raise as much as 20 billion pesos ($400.8 million) through the bond issuance.
The bond is the first tranche of a 50-billion-peso bond SM Investments has registered with the Securities and Exchange Commission.
The initial tranche of 20 billion pesos includes five billion pesos set aside for potential oversubscription. If issued in full, around 70% will be used to fund investments and strategic acquisitions, while the balance will be used for debt refinancing.
SM Investments is looking to raise its stake in banking affiliates BDO Unibank Inc. (BDO.PH) and China Banking Corp. (CHIB.PH), both listed on the Philippine Stock Exchange.
Write to Cris Larano at firstname.lastname@example.org
(END) Dow Jones Newswires
November 21, 2016 04:54 ET (09:54 GMT)
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