Arthaland Corp. aims to complete its planned P3 billion preferred shares sale by October, listing the Series F preferred shares by October 11.
Initially announced in April, the offer involves 6 million preferred shares, divided into an initial 4 million and another 2 million for the oversubscription option, at an offer price of P500 per share.
The share sale will be facilitated by BDO Capital and Investment Corp. as the sole issue manager, lead underwriter and bookrunner.
Arthaland said the cumulative, non-voting, non-participating, non-convertible and redeemable shares will have its dividend setting set for September 24, in time for a public offer between September 30 and October 11.
The proceeds of the sale will be used to repay a short-term loan the company tapped from BDO Unibank Inc., to redeem its Series C preferred shares (P1 billion), to fund its equity contribution to a firm that will acquire a property set to be developed into “Project Teal” (P971.87 million), and to partially fund the scheduled repayment of a loan from BDO Unibank used to finance the construction and development of the 34,295-square-meter Arthaland Century Pacific Tower in Bonifacio Global City (P400 million).
BDO Unibank is the mother company of BDO Capital.
Arthaland said the two-tower residential “Project Teal” will rise in a 3,700 sq.m. property located in northern Metro Manila within the vicinity of major universities.
Arthaland said part of the proceeds will also be used for general corporate purposes, including providing additional support to existing projects and providing pre-funding for potential land acquisitions (P424.49 million).
