REGIONAL property giant SM Prime Holdings Inc. has launched a local retail bond offering worth as much as P20 billion, proceeds from which will fund mall expansions and refinance debt.

SM Prime Holdings Inc. has set the final terms for its planned P20-billion, fixed-rate retail bond offering slated this month.

SM Prime in an amended prospectus filed with the Securities and Exchange Commission pegged the final rate for the five-year bonds due 2021 at 4.5095 percent a year and the 10-year bonds due 2024 at 4.7990 percent per annum.

SM Prime Holdings chief executive officer and NU chief backer Hans Sy with Dallas Mavericks owner Mark Cuban, Chao Espaldon of EastWest Private and player agent Charlie Dy at the sidelines during the NBA Summer League games. Instagram photo from Charlie Dy/File Photo

Cagayan De Oro City – SM Prime Holdings, Inc., BDO Foundation, Inc. and Gawad Kalinga recently turned over 300 housing units to Sendong surviving families in Zone 7, Canitoan, here, under its SM-BDO Kapitbahayan project.

Rates at 4.5095% for debt due 2021, 4.7990% for bonds due 2025, according to amended prospectus filed by SM Prime with SEC.

Mall operator SM Prime Holdings Inc. reported a 70-percent surge in net income in the first nine months of the year, partly as a result of one-time gains as its business continues to grow by adding more shopping malls into its portfolio.

SM Prime Holdings, Inc. — the property holding firm of tycoon Henry Sy, Sr. — saw higher earnings in the third quarter, anchored on the expansion of its core businesses, with an extraordinary gain boosting profits in the first nine months of the year.

SM Prime Holdings, Inc. (SM Prime) said profit for the first nine months of the year reached P22.9 billion, 70 percent higher than last year’s P13.47 billion.

SM Prime president Hans Sy attributed the revenue growth to the expansion across all business portfolios since 2013. STAR/Mike Amoroso