1 month ago
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MANILA, Philippines — Cebu Landmasters Inc. (CLI), a real estate developer focused in the Visayas and Mindanao, intends to raise P10 billion from the issuance of sustainability-linked bonds this year.
CLI chairman and CEO Jose Soberano III said the company is eyeing to issue P5 billion worth of sustainability-linked bonds this quarter and then another P5 billion by the fourth quarter.
The planned issuances will serve as the second and third tranches of the company’s three-year shelf registration program amounting to P15 billion.
“So the next tranche of P5 billion is already in the works. Target listing is the first week of March. We are already bookbuilding now with our lead bank BPI Capital and also the participating banks like BDO Capital, PNB, RCBC Capital and Chinabank Capital,” Soberano said.
“By the last quarter, we’re looking at another P5 billion to close out the shelf registration,” he said.
Soberano said proceeds from the bond issuances will be used primarily to refinance the company’s maturing obligations as well as for other general corporate purposes.
Since its public listing in 2017, CLI has successfully introduced various fixed income and equity instruments to support its rapid growth. These include its first bond offering in 2022 and the listing of its preferred shares in 2024.
The company is a developer of residential condominium units, subdivision houses and lots, townhouses, hotels, office projects and retail spaces.
CLI has close to 130 projects across 17 key cities in Visayas and Mindanao.
After cementing its leadership in Visayas and Mindanao, CLI is gearing up for expansion in Luzon in which the company is preparing to spend P12 billion for its maiden projects that include a horizontal project in either Batangas or Cavite as well as a a vertical project in Metro Manila.
CLI plans to launch its first Luzon-based project in 2026, which is likely to be the horizontal development that will span anywhere between 50 and 100 hectares consisting of 5,000 to 10,000 homes.
The company, meanwhile, is looking at a strategic partner for its planned vertical project, which is intended to be developed into a mixed-used project.
