Cebu Landmasters Inc. said Monday it raised P3 billion from the issuance of corporate notes to fund programmed spending this year.
CLI said in a disclosure to the stock exchange it signed another corporate note facility with BPI Investment Management Inc. The facility was arranged by BPI Capital Corp., which also initiated the initial P2-billion facility issued in October 2019.
“CLI is grateful to BIMI and BPI Capital for their trust in our business. We fully intend to live up to our obligations and ensure mutual value and success for our investors. We look forward to a long and fruitful partnership that will bring shared value to all parties,” said CLI chief finance officer Grant Cheng.
The proceeds from the notes will be used to fund the company’s capital expenditures.
CLI said earlier it would spend P12 billion in capital spending budget this year, primarily for the construction of projects, including the mixed-use 300-room dormitel in Cebu City and several land acquisitions in key strategic areas in the Visayas and Mindanao.
A portion of the proceeds will also be used to begin groundwork on the 100-hectare reclamation project for its Techno business hub in Cebu.