SM Prime Holdings Inc. on Wednesday said it had deferred the offering of a planned fourth tranche of fixed-rate bonds worth up to P12 billion, citing current market conditions.
The company said the offering, which includes an oversubscription option of up to P6 billion, would be postponed until further notice.
The planned issuance consists of 5.75-year Series AE bonds due in 2032 and 10-year Series AF bonds due in 2036.
SM Prime did not elaborate on the market conditions that prompted the deferment, nor did it indicate a revised timetable for the offer.
The company said it would provide updates on future plans related to the bond issuance in accordance with disclosure requirements.
Had the offering proceeded as announced, the fundraising could have raised as much as P18 billion for the company, including the oversubscription option.
SM Prime shares slipped P0.10, or 0.54 percent, to close at P18.40 each on Wednesday amid a 0.69-percent rise for the benchmark Philippine Stock Exchange index.
