CEBU Landmasters, Inc. (CLI) said on Thursday that it had applied with the Securities and Exchange Commission (SEC) for the shelf registration of up to P15 billion in fixed-rate bonds.

The property developer also disclosed to the stock exchange that its board of directors had approved the offer and issuance of peso-denominated fixed-rate bonds worth up to P8 billion, which will be part of the shelf-registered bonds.

It said the board approval on June 20 covers a principal amount of up to P5 billion and an oversubscription option of up to P3 billion.

The bonds have indicative maturities ranging from three-and-a-half to seven years, with the periods to be determined during the final offer by the third quarter.

CLI said it had filed a registration statement, preliminary prospectus, and preliminary offer supplement as well as other relevant documents with the SEC as part of its application.

The company tapped Philippine Depository and Trust Corp. as registrar and paying agent; and BPI Capital Corp. and China Bank Capital Corp. as joint issue managers, joint lead underwriters, and joint lead bookrunners.

Proceeds from the bonds will be used to support the company’s growth plans, primarily for market investments and land banking activities.

In the first quarter, CLI reported that its net income was up by 14% to P811 million with revenues also increasing 53% to P3.56 billion.

CLI, which started out in Cebu, has evolved into a fully integrated developer with a varied portfolio of residences, offices, retail spaces, hotels, mixed-use developments, and townships in the Visayas and Mindanao.

On Thursday, CLI shares remained unchanged at P2.50 at the stock market. — Luisa Maria Jacinta C. Jocson