CEBU - The Securities and Exchange Commission (SEC) has considered favorably the debt securities program of Cebu Landmasters, Inc., which looks to raise as much as P8 billion from the first tranche.
In its September 6 meeting, the SEC en banc resolved to render effective the registration statement of Cebu Landmasters covering up to P15 billion of bonds, subject to the company’s compliance with certain remaining requirements. Cebu Landmasters may offer the bonds in tranches within three years.
For the first tranche, the listed property developer will offer to the public up to P8 billion of Series A bonds due 2026, Series B bonds due 2028, and Series C bonds due 2029. The company could net up to P7.9 billion from the offer, which will be used for project development or capital expenditures for various real estate projects and for general corporate purposes.
The bonds comprising the first tranche will be offered at face value from September 26 to 30, and will be listed on the Philippine Dealing and Exchange Corporation by October 7, according to the latest timetable submitted to the SEC.
Cebu Landmasters engaged BPI Capital Corporation and China Bank Capital
Corporation as joint issue managers, joint lead underwriters, and joint
bookrunners for the offer. PNB Capital and Investment Corporation, RCBC Capital
Corporation, and SB Capital Investment Corporation were tapped as co-lead
underwriters.
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