Boutique property developer Arthaland Corp. plans to raise up to P3 billion from the issuance of ASEAN Green Bonds to fund residential projects.
Arthaland said in a disclosure to the stock exchange it would offer up to P2.4 billion in fixed-rate bonds with an oversubscription option for another P600 million.
The bonds will have a term of five and seven years with respective coupon rate of 8 percent and 8.7557 percent per annum.
The latest bond offering is the remaining portion of Arthaland’s P6-billion shelf-registered debt program approved by the Securities and Exchange Commission in January 2020.
Arthaland said it would use the proceeds from the fund-raising activity to partially fund the construction of its first residential project in the Makati central business district. It will also use a portion of the proceeds to invest in companies that will develop other residential projects across the country.