Property developer Sta. Lucia Land Inc. said it plans to issue up to P8 billion worth of fixed-rate retail bonds to finance capital expenditures.
SLI said in a disclosure to the stock exchange its board of directors approved the filing of registration statement with the Securities and Exchange Commission and the filing of application for registration and listing with Philippine Dealing & Exchange Corp.
It tapped mandated China Bank Capital Corp. as the lead underwriter, issue manager and book runner for the fund-raising activity.
SLI said that aside from the P8-billion retail bond offering, its board of directors also approved the plan to secure P1-billion credit facility from China Bank and P300 million from Rizal Commercial Banking Corp. SLI has P2-billion five-year bonds maturing in March 2021.
SLI reported a net income of P757.5 million in the first half, down 14.2 percent from P883.7 million in the same period last year.