LISTED property developer SM Prime Holdings, Inc. is seeking approval from the Securities and Exchange Commission (SEC) to issue fixed-rate bonds to raise up to P25 billion.

Under its application submitted to the SEC, the oversubscription option of up to P5 billion consists of three-year Series Y Bonds due in 2028, six-year Series Z Bonds due in 2031, and 10-year Series AA Bonds due in 2035, SM Prime said in a disclosure on Thursday.

“This issuance is the second tranche out of the Company’s P100-billion Shelf Registration of Fixed-Rate Bonds approved by the SEC,” SM Prime said, citing a June 6 order by the SEC.

Last week, SM Prime said its board had approved a share buyback program worth between P5 billion and P10 billion as its stock is “currently undervalued.”

SM Prime previously reported an 11% rise in its third-quarter (Q3) net income to P11.8 billion.

Q3 consolidated revenue rose by 7% to P35.1 billion from P32.7 billion in 2023. Operating income improved by 6.4% to P16.6 billion from P15.6 billion last year.

For the first nine months, SM Prime grew its consolidated net income by 12% to P33.9 billion from P30.1 billion last year.

On Thursday, SM Prime Holdings shares closed at P24.90, down by 0.20 or 0.8%. — Beatriz Marie D. Cruz