PROPERTY DEVELOPER Cebu Landmasters, Inc. (CLI) began the offer period for its P5-billion sustainability-linked bond issuance on Monday as a part of its fundraising efforts.
The offer period will run until Friday, March 14, with a goal listing date of March 21 on the Philippine Dealing & Exchange Corp., CLI said in a regulatory filing.
The corporate said it received the permit to sell from the Securities and Exchange Commission on March 7.
CLI’s issuance consists of a base amount of as much as P3 billion with an oversubscription option of as much as P2 billion, comprising Series D three-year bonds at 6.6348% every year and Series E five-year bonds at 6.9157% every year.
That is the second tranche of the corporate’s P15-billion shelf-registered debt securities program.
The second tranche secured a PRS Aa plus credit standing with a stable outlook from the Philippine Rating Services Corp. in December last yr.
Obligations with a PRS Aa rating are considered “prime quality” and subject to very low credit risks, reflecting the corporate’s “capability to satisfy financial commitments.” A stable outlook indicates that the rating is unlikely to alter inside the following 12 months.
The primary tranche of the P15-billion shelf-registered debt securities program was listed in October 2022.
CLI previously said it will allocate P12 billion for the initial phases of its two maiden projects in Luzon, which include a horizontal development and a condominium project. The primary Luzon project is predicted to launch by 2026.
Since its establishment in 2003, CLI has launched nearly 130 projects across 17 cities.
Its portfolio includes residential developments, offices, hotels and resorts, co-living and co-working spaces, mixed-use projects, and large-scale townships.
On Monday, CLI shares closed unchanged at P2.67 apiece. — Revin Mikhael D. Ochave
