Mall operator SM Prime Holdings Inc. said it had raised P3 billion through its recent issuance of fixed-rate debt notes.

In a disclosure, the company said the notes had maturities of five years, seven years and 10 years from issue date. It said the deal was arranged by First Metro Investment Corp.

The amount raised will be used for ongoing capital expenditure and general corporate requirements.

SM Prime said the issue was oversubscribed, with 16 primary institutional lenders subscribing.

The company earlier reported a 7.0-percent growth in first-quarter profit to P1.6 billion from P1.5 billion in the same period last year.

It said gross revenue rose 8.0 percent to P3.82 billion from P3.55 billion, with increased rental earnings after three new malls opened in 2007, namely, SM City Bacolod, SM City Taytay and SM Supercenter Muntinlupa.

In the first quarter, rental revenue from all SM malls, which accounted for 85 percent of total revenue, grew 10 percent to P3.26 billion from P2.96 billion in the same period last year, it said.

As new mall opened last year, operating expenses increased 6.0 percent to P1.6 billion, it added.

Operating income rose 9.0 percent to P2.2 billion, with cost-saving measures taken at the malls.