SM Investments prices new 2017 bonds

Philippine conglomerate SM Investments executes a clean exchange offer for its existing 2013 and 2014 bonds, forming a base for the new 5.5% seven-year bonds.

Investors in SM Investments Corporations’ existing 2013 and 2014 bonds got the opportunity to extend the maturity of their holdings through an exchange offer that included the issue of seven-year debt. The Philippine conglomerate priced the new $400 million bond yesterday following an exchange offer for its $350 million 6.75% bonds due 2013 and the $500 million 6% 2014 bonds that were launched on September 22.

The new bonds came to market unrated. The deal is the first combined bond swap and new fundraising deal to come out of the Philippines, and the first liability management transaction issued by a Philippine corporate borrower.

Some $75.7 million of...

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