Cebu Landmasters, Inc. (CLI) has signed on Friday, July 20, a P5-billion corporate notes facility agreement, with the proceeds to be used to acquire land and develop a business hub in Davao City.
“The proceeds of the notes will be used for the strategic land acquisition of the company in Cebu, Dumaguete, Bacolod, CDO, and Davao, including new expansion areas such as Bohol, Iloilo, Butuan, and General Santos City,” the company told the stock exchange on the day it signed the agreement.
“Part of the proceeds will also fund the development of the 22-hectare central business hub in Matina, Davao,” it added.
The banks that participated in the corporate notes agreement are Bank of The Philippine Islands, BDO Unibank, Inc., China Banking Corp. and Land Bank of the Philippines.
The contract was administered by issue manager BPI Capital Corp. and joint lead arrangers and bookrunners BPI Capital Corp. and BDO Capital and Investment Corp.
Cebu Landmasters appointed BPI Asset Management and Trust Corp. as the facility agent and paying agent.
On Friday, shares in the company slipped by 1.50% to close at P4.59 each. — Victor V. Saulon

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