STA. LUCIA LAND, Inc. is planning to offer up to P8 billion worth of either senior fixed-rate retail bonds or senior corporate notes to primary institutional lenders, or both.
In a regulatory filing on Thursday, the listed property developer said its board of directors want the company to come up with one or both of the said issuance.
It plans to tap China Bank Capital Corp. as its lead underwriter, issue manager and bookrunner for the debt paper offering, which will be under terms and conditions that it “may deem fair and reasonable and in the best interest of the corporation.”
It plans to file a shelf registration with the Securities and Exchange Commission for the senior retail bonds, and application for registration and listing with the Philippine Dealing & Exchange Corp. (PDEx).
In a recent regulatory filing, the property firm posted an 8% decline in comprehensive income to P674.27 million in the first semester because of the slump of the market price of its listed shares and a fall in revenue.
The company recorded a 31% drop in gross revenues to P2.43 billion between January and June as its operations were temporarily suspended during the quarantine months.
Limited operating mall tenants affected its rental revenues, which declined by 48%. Its real estate sales were also down by 22%.
On Thursday, shares in Sta. Lucia Land were unchanged at P1.86 apiece. — Adam J. Ang