SY-LED holding company SM Investments Corp. (SMIC) has started a series of fixed-income investor meetings in Asia and Europe on Tuesday for a possible dollar note issuance.
SMIC mandated HSBC, J.P. Morgan, Standard Chartered Bank, and UBS as joint lead managers and joint bookrunners, alongside BDO Capital and Chinabank Capital as joint lead managers, to arrange the meetings, the listed holding company said in a regulatory filing.
“A US dollar-denominated benchmark-sized Regulation S offering of five-year senior notes by SMIC SG Holdings Pte. Ltd. guaranteed by SMIC may follow, subject to market conditions,” SMIC said.
“The notes are expected to be drawn from (SMIC SG Holdings’) $3-billion euro medium-term note programme (EMTN),” it added.
SMIC SG Holdings and SMIC’s legal advisers include SyCip Salazar Hernandez & Gatmaitan for Philippine law, and Latham & Watkins LLP for English law.
The legal advisors of the joint lead managers and joint bookrunners are Picazo Buyco Tan Fider & Santos Offices for Philippine law, and Linklaters Singapore Pte. Ltd. for English law.
SMIC and its listed property developer, SM Prime Holdings, Inc., previously announced the maiden $3-billion multi-issuer EMTN program. It seeks to finance expansion and debt payments. EMTNs are a type of debt security that is issued and traded overseas.
For the first quarter, SMIC logged a 6% increase in its consolidated net income to P18.4 billion as consolidated revenues surged by 4% to P144 billion.
The holding company’s core businesses are in the retail, banking, and property sectors.
SMIC shares closed unchanged at P900 per share on Tuesday. — Revin Mikhael D. Ochave
