NextGen Day

The debt securities program of Cebu Landmasters, Inc., which seeks to raise as much as PHP8 billion from the first tranche, has received favorable consideration from the Securities and Exchange Commission (SEC).

At its meeting on September 6, the commission en banc decided to make Cebu Landmasters’ registration statement, which covers bonds worth up to PHP15 billion, effective, provided that the business still complies with a few conditions.

Within three years, Cebu Landmasters may provide the bonds in installments.

The listed real estate developer will issue up to PHP8 billion in Series A, B, and C notes with maturities in 2026, 2028, and 2029 for the first tranche.

The offer might bring in up to PHP7.9 billion for the company, which it will spend for general corporate reasons, project development, capital expenditures for various real estate developments, and other projects.

According to the most recent schedule given to the SEC, the bonds constituting the first tranche will be auctioned at face value from September 26 to September 30. They will be listed on the Philippine Dealing & Exchange Corp. by October 7.

BPI Capital Corporation and China Bank Capital Corporation were hired by Cebu Landmasters to work as the offer’s joint issue managers, joint lead underwriters, and joint book-runners.

As co-lead underwriters, PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation were chosen.

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