SM Prime Holdings, Inc. announce yesterday the successful completion of its P3-billion fixed rate notes (FRNs) facility. The firm said the deal was arranged by First Metro Investment Corporation.

The facility will have maturities of five years, seven years and ten years from issue date and its proceeds will be used to fund ongoing capital expenditures and for general corporate requirements. S

M Prime said the facility was over-subscribed with 16 primary institutional lenders subscribing to the Issue.

‘The strong response by the market to this financing illustrates the high credit quality of SMPHI, as well as the local market’s confidence in SM Prime Holdings, Inc.,’ the firm said.