Cebu Landmasters Inc. on Friday listed P5 billion worth of fixed-rate bonds on the Philippine Dealing and Exchange Corp.
Cebu Landmasters issued the maiden bonds in three tenors: Series A with a maturity of 3.5 years and a coupon rate of 6.4222 percent; Series B with a maturity of 5.5 years and a coupon rate of 6.9884 percent; and Series C with a maturity of seven years and a coupon rate of 7.3649 percent.
The bonds represent the initial tranche from the company’s P15-billion debt securities program approved by the Securities and Exchange Commission this year.
CLI earmarked the fresh capital to support core residential business segments in the Visayas and Mindanao.
“CLI’s growth has been closely tied with serving the strong underserved demand for middle-class housing in VisMin. We will continue to lean on that strength as we build out sustainable and vibrant townships in the region. We will further count on these communities of the future to propel the firm further,” CLI chairman and chief executive Jose Soberano III said.
“As new airports and other major infrastructure come onstream to unlock VisMin’s vast potentials, CLI’s developments and estates will serve as catalysts for sustained growth and development,” he said.
BPI Capital Corp. and China Bank Capital Corp. were the joint issue managers, joint lead underwriters and joint bookrunners.
PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. acted as co-lead underwriters.
CLI’s net income has registered a compounded annual growth rate of 27.78 percent since its listing in 2017.
The company said that from P767 million and 28 projects in 2016, it posted a net income of P2.6 billion and over 100 projects in 16 key cities in 2021.
CLI recently ventured in Luzon with the launch of a residential project in Palawan province.