Cebu Landmasters secures P5B notes facility
Soberano-led Cebu Landmasters Inc. signed a P5 billion notes facility with several banks to fund land acquisitions and the development of a township in Matina, Davao.
CLI said the seven-year notes, amounting to P2.5 billion, have a fixed rate of 7.25 percent.
The company is also selling 10-year corporate notes amounting to P1 billion at a fixed rate of 6.63 percent.
CLI also signed another 10-year notes facility amounting to P1.5 billion. The rate for the first five years is fixed at 6.75 percent.
The banks who participated in the corporate notes agreement are Bank of the Philippine Islands, BDO Unibank, China Banking Corp., and Land Bank of the Philippines.
Proceeds from the notes will be used to acquire lands in Cebu, Dumaguete, Bacolod, Cagayan de Oro, Davao, Bohol, Iloilo, Butuan, and General Santos City.
Part of the proceeds will also go to the construction of a 22-hectare central business hub in Matina, Davao.