The Philippines’ largest mall developer, SM Prime Holdings Inc (SMPHI) , said on Tuesday it had raised 4 billion pesos (US$ 87.3 million) by issuing 5-year floating rate notes, with proceeds to fund capital expenditure. 

The offering was taken up by seven primary institutional lenders, the company said in a statement. It did not name the institutions. 

‘The strong response by the market to this financing illustrates the high credit quality of SMPHI,’ said the company owned by Henry Sy, one of the Philippines’ richest men.  The offering was arranged by First Metro Investment Corporation, with SB Capital Investment Corporation acting as co-lead arranger. 

SM Prime said recently it would spend 35 billion pesos in the next five years on 35 to 40 new malls, with expansion plans focusing on areas outside the capital, where 60 percent of revenues are currently generated. 

The company, a subsidiary of conglomerate SM Investments Corp , is expanding to take advantage high demand for consumer goods, largely fuelled by billions of dollars sent home by Filipinos working overseas. 

About 70 percent of the southeast Asian country’s gross domestic product is generated by consumer spending.  Shares of SM Prime closed unchanged at 13.75 pesos on Tuesday while the main index .