The Securities and Exchange Commission has approved Arthaland Corp.’s registration of up to P6 billion worth of ASEAN green bonds.
The first tranche comprises P2 billion with over-subscription option of up to P1 billion bonds.
Proceeds from the offer will be used to finance or refinance new and/or existing eligible green projects.
About P1.5 million has been earmarked for additional investment in Savya Financial Center or other eligible green projects to retain office and retail units while P30.35 million for the scheduled repayments of a loan for the construction and development of Arthaland Centur Pacific Tower.
The remaining P1.14 billion of the net proceeds will be used for the acquisition of properties for the Manila long term project.
Philippine Rating Services Corpo. assigned the green bonds a “PRS Aa minus” rating with a “stable” outlook.
BDO Capital and Investment Corp. and ING Bank N.V., Manila Branch will serve as joint lead underwriters and joint bookrunners while PNB Capital and Investment Corporation will act as co-lead manager.
Arthaland is a publicly listed, boutique property developer. Its developments are registered or are set to be registered under the US Green Building Council’s LEED program and the Philippine Green Building Council’s BERDE program.