SM continues BPO building drive on the back of bond issuance

SM Prime Holdings is building three business process outsourcing (BPO) towers in its shopping mall complexes in Clark, Pampanga; Sta. Rosa, Laguna and Iloilo. It is also set to start constructing three office projects at the Mall of Asia complex in Pasay City and an office tower in Cebu. Investments for the BPO towers will be taken from the P60-billion worth of fixed-rate bonds that SM seeks to raise over a period of three years. Documents showed that for the first tranche, SM Prime would issue up to P5bn worth of 10-year bonds with an oversubscription of P5bn, which if exercised would boost total proceeds to P10bn. The property firm expects to conduct the bond offering this month.