SM INVESTMENTS Corp. announced yesterday that its board of directors approved a fixed rate bond program with a principal amount of P50 billion under the three-year shelf registration facility of the Securities and Exchange Commission.
Initial issuance under the program is expected later this year in the amount of P15 billion with an over subscription option of up to P5 billion.
The board also authorized the management to negotiate and finalize the terms and conditions, including pricing, tenor and any increase in issuance amount. (PR)