STA. LUCIA LAND, Inc. (SLI) on Tuesday said it has signed a P5-billion notes facility with several banks, as it seeks to pay existing debt and fund new projects.
In a statement, SLI said it signed the notes facility with China Bank Capital Corp. acting as the sole arranger and bookrunner, while Development Bank of the Philippines (DBP) acted as co-manager.
The note holders of the facility are China Bank Savings, Inc., China Banking Corp., DBP, and Maybank Philippines, Inc.
“The use of proceeds will be for payment of existing indebtedness and for financing of development costs,” SLI said.
The listed property developer in an earlier disclosure said the note facility will have a base size of P3 billion, and an overallotment option of up to P2 billion.
The notes facility forms part of SLI’s plan to raise P15 billion in the local capital markets in the next three to five years to fund the expansion of its residential, retail, commercial, and tourism-related projects.
SLI has previously said it will be entering into joint venture projects located in Batangas, Palawan, Baguio, Quezon City, Cavite, Rizal, and Negros Occidental. It has also been propping up its landbank with the planned acquisition of more than 1.01 million square meters of land, spread out across Batangas, General Santos City, Dagupan City, Cavite, Laguna, Iloilo, and Davao.
The company, along with its parent Sta. Lucia Realty and Development, Inc., currently has 220 developments covering about 10,000 hectares of land in the country.
SLI’s net income attributable to the parent grew by 31% to P700.5 million in the first nine months of 2017, following a 17% increase in revenues to P2.79 billion.
Shares in SLI were unchanged at P1 each at the Philippine Stock Exchange on Tuesday. — Arra B. Francia
