MALL OPERATOR SM Prime Holdings, Inc. raised P5 billion from fixed-rate notes yesterday to fund capital expenditures.

Sy-led SM prime said the sale was oversubscribed with 11 lenders subscribing to the Issue.

The deal was arranged by the Sys’ BDO Capital & Investment Corp. with PNB Capital & Investment Corp. as co-lead arranger.

The company plans to open more malls this year: SM City Naga in Camarines Sur, SM City Rosario in Cavite, SM City Pamplona in Las Piñas, and the Sky Garden at SM City North Edsa. It also wants to expand SM City Rosales in Pangasinan.

By the end of the year, SM Prime will have 36 malls nationwide. SM Prime earned P6.4 billion in profits in 2008, up by 7%.