The Securities and Exchange Commission said Tuesday it approved the P15-billion bond shelf registration program of property developer Cebu Landmasters Inc.
It also cleared CLI’s initial P8-billion offering of Series A bonds due 2026, Series B bonds due 2028 and Series C bonds due 2029.
CLI plans to use the proceeds from the maiden bond offering on project development or capital expenditures for various real estate projects and for general corporate purposes.
The company will offer the bonds comprising the first tranche at face value from Sept. 26 to Sept. 30.
CLI will list the bonds on the Philippine Dealing & Exchange Corp. on Oct. 7, according to the latest timetable submitted to the SEC.
The property firm tapped BPI Capital Corp. and China Bank Capital Corp. as joint issue managers, joint lead underwriters and joint bookrunners for the offering. PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. were hired as co-lead underwriters.
Philippine Rating Services Corp. assigned an issue credit rating of PRS Aa plus, with a stable outlook, for CLI’s P8-billion bond offering.
Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitment on the obligation is very strong.
CLI is a Cebu-based company engaged in the development, sale, leasing and management of real estate. Its portfolio includes residential condominium units, subdivision houses and lots, townhouses, hotels, office projects, retail spaces and townships.
CLI’s share declined 0.81 percent Tuesday to close at P2.46.