CEBU LANDMASTERS, INC. (CLI) has filed a registration statement with the Securities and Exchange Commission (SEC) for a follow-on offering of up to P5 billion in sustainability-linked bonds, representing the third and final tranche of the company’s P15-billion debt securities program.
In a disclosure on Monday, CLI said the bonds will be issued in Philippine pesos and structured into three series with different maturity dates: Series F due 2029, Series G due 2032, and Series H due 2035.
The base offer is set at P3 billion, with an oversubscription option of P2 billion.
Net proceeds from the offering will be used to refinance CLI’s project development, pay off maturing obligations in 2025, and support general corporate expenses, among other purposes.
CLI’s sustainability-linked bonds received a PRS Aa plus credit rating with a stable outlook from the Philippine Rating Services Corp. (PhilRatings).
The PRS Aa rating signifies high quality with very low credit risk and reflects CLI’s strong capacity to meet its financial commitments.
In March, CLI raised P5 billion from its first sustainability-linked bond issuance to fund the construction of 16,000 affordable housing units in the Visayas and Mindanao by March 2029.
The company has a portfolio of 130 projects across 17 cities, covering offices, residential developments, mixed-use projects, resorts, hotels, co-living and co-working spaces, and townships.
At the local bourse on Monday, CLI shares closed flat at P2.34 apiece. — Alexandria Grace C. Magno
