MANILA, Philippines- Sy-led retail giant SM Prime Holdings Inc. has completed the issuance of a notes facility which will fund its capital program.

In a statement, SM Prime announced the “successful completion’ of a P5-billion floating and fixed rate notes facility.

The deal was arranged by BDO Capital & Investment Corp. with PNB Capital & Investment Corp. acting as co-lead arranger. The proceeds will be used to fund ongoing capital expenditures and for general corporate requirements.

SM Prime, which operates SM malls in the Philippines and China, said the facility was over-subscribed with 11 primary institutional lenders subscribing to the Issue.

For this year, SM Prime plans to open SM City Naga in Camarines Sur, SM City Rosario inCavite, SM City Pamplona in Las Piñas, and the Sky Garden at SM City North Edsa.

The company is also set to expand SM City Rosales in Pangasinan.

By the end of the year, SM Prime will have 36 malls nationwide with an estimated gross floor area of 4.5 million square meters.

Including the SM China malls, the company’s estimated gross floor area will reach 4.9 million square meters.