The bond offer, which includes a base principal of P15 billion and an oversubscription option of up to P5 billion, will fund investments in the new Manila International Airport (MIA) and other airport-related projects in Bulakan, Bulacan, the company told the Philippine Stock Exchange.
SMC plans to allocate P6.07 billion from the proceeds to these developments, positioning the MIA as a world-class international airport.
Additionally, SMC will use P11.24 billion to redeem Series I bonds, and P2.44 billion to repay Series F bonds maturing in 2025.
This move underscores SMC's commitment to enhancing infrastructure while maintaining financial stability, the company said.
The bonds will be issued on July 3, 2024 and will comprise 6.5-year Series O bonds due 2031, with a fixed initial interest rate of 7.2584% per annum; and 10- year Series P bonds due 2034, with a fixed initial interest rate of 7.7197% per annum.
The bonds have been rated PRS Aaa with a stable outlook by the Philippine Rating Services Corporation.
