The Securities and Exchange Commission (SEC) has approved the P15-billion three-year borrowing program of Cebu Landmasters Inc. (CLI),the SEC said in a statement yesterday.
The company is initially looking to tap P8 billion for the approved borrowings.
This forms part of the company’s Series A bonds due 2026, Series B bonds due 2028 and Series C bonds due 2029.
CLI intends to use the proceeds of the bonds to finance project development and capital expenditures for various real estate projects and for general corporate purposes.
The bonds comprising the first tranche will be offered at face value from September 26 to 30, and will be listed on the Philippine Dealing & Exchange Corp. by October 7, according to the latest timetable submitted by the company to the SEC.
Cebu Landmasters tapped BPI Capital Corp. and China Bank Capital Corp. as joint issue managers, joint lead underwriters, and joint bookrunners for the offer, while PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. were tapped as co-lead underwriters.
