Philippines' SM seeks $335 mln via retail bond offer
MANILA Feb 17 (Reuters) - SM Investments Corp, the Philippines' second-most valuable company, plans to raise up to 15 billion pesos ($335 million) via a retail bond issue to refinance debt and fund expansion projects, it said on Monday.
The banking-to-property conglomerate said its board approved the offer of 10 billion pesos worth of fixed-rate peso bonds with an option for oversubscription for another 5 billion pesos.
Terms and conditions have yet to be set, but SM, owned by the country's richest man, Henry Sy Sr., is looking to offer bonds with maturities of seven and/or 10 years in one or two tranches, it said in a news release.
BDO Capital and Investment Corp, a unit of the country's top lender, SM-owned BDO Unibank Inc, is the issue manager.
($1 = 44.6 pesos)
(Reporting by Erik dela Cruz; Editing by Matt Driskill)