Athaland Corp. said order for its maiden Asean green bonds is so strong it has exercised the greenshoe option of the bond.
The five-year tenor bond carries an interest rate of 6.3517 percent and is redeemable on the third or fourth year of issuance, at a rate of 101 percent and 100.5 percent of face value, respectively.
Tapped as joint lead underwriters are BDO Capital and Investment Corp. and ING Bank, while PNB Capital and Investment Corp. serves as co-lead manager.
The proceeds of the bonds will be used for projects in Arthaland’s “eligible green portfolio” that focus on change mitigation, promotion of green buildings and environmentally sustainable management of land.
Christopher Narciso, Arthaland executive vice president, earlier said the company looks to spend P8 billion this year as it prepares to launch projects worth P60 billion.
The amount will be used for the company’s current projects as well as the soon to be launched “high-end green residential condominium in Cebu City; a green luxury residential condominium in Makati CBD (central business district), and upscale apartments in Sevina Park.”
The company is looking to grow its developed GFA to 500,000 square meters (sq.m.) by 2024 from the prior year’s 100,000 sq.m.
Leonardo Po, Arthaland executive vice president, said the company is going back to its roots of developing residential spaces, focusing on “sustainable luxury” or residential projects to anchor on ecologically-supporting projects and certified by green building organizations like the US Green Building Council’s LEED or that of the Philippine Green Building Council’s Building for Ecologically Responsive Design Excellence.
