Philippines' SM issues price guidance for 10-yr bond issue - IFR

MANILA, June 3 Mon Jun 2, 2014 11:10pm EDT

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MANILA, June 3 (Reuters) - SM Investments Corp, the Philippines' second-biggest conglomerate by market capitalisation, has issued price guidance for an offering of 10-year U.S. dollar bonds at a yield of 5.125 percent, IFR reported.

Pricing of the unrated deal could be done on Tuesday, according to IFR, a Thomson Reuters unit.

In a stock market filing in Manila, SM said it had appointed Citi and Standard Chartered Bank as joint lead managers and joint bookrunners for a bond deal with maturity of up to 10 years.

Proceeds will be used for general corporate purposes, including refinancing of existing debts, it said.

IFR said the bond issue was benchmarked to SM's own 4.25 percent bonds due 2019 and to the 4.375 percent bonds due 2023 issued by another Philippine conglomerate, JG Summit Holdings Inc.

SM, owned by the country's richest man Henry Sy Sr, controls SM Prime Holdings Inc, one of Southeast Asia's biggest property groups, and the Philippines' biggest lender, BDO Unibank Inc. (Reporting by Lianting Tu of IFR in Singapore and Erik dela Cruz in Manila; Editing by Anand Basu)

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