CLI maiden bond offering successful

ED PAOLO SALTING

2022-10-08T07:00:00.0000000Z

2022-10-08T07:00:00.0000000Z

The Manila Times

https://digitaledition.manilatimes.net/article/281865827366986

Corporate News

REAL estate developer Cebu Landmasters Inc. (CLI) said it has successfully listed its first fixed-rate bond offering worth P5 billion at the Philippine Dealing and Exchange Corp. on Oct. 7, 2022. The listing is the company’s approved shelf registration of a P15billion debt securities program, which is planned to be utilized within three years. The bond issuance is intended to further fuel the company’s growth momentum. The CLI bonds will be issued 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 are rated PRS Aa+ by the Philippine Rating Services Corp. (PhilRatings) with a stable outlook. PhilRatings commended the company for its sound management and strategies and its competitive advantage in Vis-Min markets evidenced by continued growth despite the pandemic. The fresh capital from these bonds has been earmarked for CLI’s core residential business segments in vertical and horizontal housing projects in the VisMin region. “CLI’s growth has been closely tied with serving the strong underserved demand for middle-class housing in Vis-Min. We will continue to lean on that strength as we build out sustainable and vibrant townships in the region,” said Jose Soberano 3rd, CLI chairman and chief executive officer.

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