SM Prime Holdings Inc. (SMPH.PH), operator of the Philippines’ largest shopping mall chain, said Tuesday that it has completed the issue of PHP4 billion worth of five-year notes, the proceeds of which will be used to fund its capital expenditures. 

SM Prime didn’t give any details on the notes’ yield, other than to say it was a floating rate. 

The notes facility was arranged by First Metro Investment Corp. and SB Capital Investment Corp, SM Prime said. 

‘The facility was oversubscribed with seven primary institutional lenders subscribing to the issue,’ the company said in a statement. 

SM Prime earlier said it plans to spend PHP7 billion in the next five years to build new and expand existing shopping malls. It opened in March one of three new shopping malls scheduled to start operations this year.