SM Prime Holdings, Inc. may already push through with its P25-billion maiden bond sale soon as it is likely to get the approval of the Securities and Exchange Commission (SEC) today for the offering.

This is going to be the first time that SM Prime will be tapping the debt market for fund-raising after its merger with the other property companies under the SM Group SEC Director Vicente Graciano Felizmenio said the Securities

Registration Division of the regulatory commission yesterday said he would recommend that the bond offering of SM Prime be included in the agenda in the en banc session, which is scheduled today [Tuesday].

The enlarged SM Prime is now the holding firm for the mall, residential, office and leisure businesses of the country’s richest man Henry Sy.

In June, SM Prime got the top credit rating for the said bond issue from local debt watcher Philippine Rating Services Corp. (PhilRatings).

The bonds will be sold with tenors of five years and six months, seven and/or 10 years.

The board of SM Prime approved the company’s said planned offering of up to P25 billion in fixed-retail bonds in May.

In a previous interview, SM Prime chief financial officer Jeffrey Lim said the amount already includes a R5-billion over-allotment option. According to him, proceeds from the debt issuance will bankroll the company’s capital expenditures for its malls, offices, and hotel operations.

FMIC is the sole issue manager for the issuance, while BDO Capital and Investments Corp, China Bank and BPI Capital Corp. are the lead underwriters.