Philippine mall developer SM Prime Holdings Inc (SMPH.PS) said on Thursday it has completed a floating and fixed rate notes issue worth 5 billion pesos (US$ 104 million) to fund its capital spending this year.

The issue was oversubscribed with 11 primary institutional lenders taking up the offer, the company said in a statement.

SM Prime, the country’s largest mall developer and a unit of Philippine conglomerate SM Investments Corp (SM.PS), plans to open three new malls in the country this year, same as last year.

BDO Capital & Investment Corp and PNB Capital & Investment Corp were arrangers of the issue. (US$  1 = 48.06 Philippine pesos)