Cebu Landmasters Inc. (CLI) eyes to raise P8 billion through a bond sale.
The company said the bonds will be divided into an initial P5 billion and another P3 billion covering the oversubscription option.
It will be sourced from the company’s P15-billion debt securities program that is still to be approved by regulators.
BPI Capital Corp. and China Bank Capital Corp. will serve as joint issue managers, lead underwriters and lead bookrunners.
“This maiden public bond offer of Cebu Landmasters is part of our strategy to sustainably maintain our growth and expansion plans as we serve the housing needs of the Filipino family. Especially in VisMin where the need for quality housing is constantly underserved, CLI is committed to delivering this essential need and contributing to the development of the communities we are helping to build,” said Grant Cheng, CLI chief finance officer.
The bonds are eyed to be issued in the third quarter of the year and have indicative maturities ranging from 3.5 to seven years.
The company said in a statement it will use the bonds “to support its growth plans, primarily by investing into markets where CLI’s initial foray has exceeded expectations and continuing its strategic landbanking activities.”
It addedthe fresh capital will also be deployed to its large-scale estate projects such as the 22-hectare Davao Global Township, 14-hectare Manresa Town in Cagayan de Oro and the 100-hectare Minglanilla Techno Business Park (Ming-Mori), CLI’s first reclamation project in Minglanilia Cebu. – Ruelle Castro
