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CLI, ALFM ink P2 billion notes facility deal

October 29, 2019

MANILA, Philippines — Cebu Landmasters Inc. has partnered with one of the largest mutual funds in the country for a notes facility agreement.

CLI signed an agreement with ALFM Peso Bond Fund Inc. and ALFM Money Market Fund Inc., whereby CLI will issue 18-month corporate notes worth P2 billion.

The notes have an initial fixed rate of 4.75 percent.

CLI tapped BPI Capital Corp. as arranger for the notes offering.

Proceeds from the offering will be used for capital expenditures and general corporate purposes.

At present, CLI has several strategic land acquisitions lined up in greater Cebu, Bacolod and Davao with new expansion areas such as Iloilo, Butuan and General Santos City.

ALFM Peso Bond Fund is one of the largest mutual funds in the Philippines. It is a diversified fixed-income investment fund. Similarly, the ALFM Money Market Fund is designed for investors who are looking for investment outlets for short-term placements.

CLI has several projects in the pipeline.

The company expects to meet its P12.5 billion worth of reservation sales target for 2019 and is on track to hit its 2019 net income guidance of P2.6 billion.

CLI made its debut in the stock market in 2017 and now has 58 projects in various stages of development in 10 key cities in the Visayas and Mindanao.

Before it became a listed company, CLI was incorporated and registered with the Securities and Exchange Commission on Sept. 26, 2003 to engage in real estate development, sales and leasing. It caters to the high-end, mid-market, economic and socialized housing segments of the market.

At present, the company has 13 completed developments, which are a mix of vertical and horizontal residential projects and its first commercial office project. Among these developments include San Jose Maria Village, Villa Casita, Midori Plains, Asia Premier Residences, Base Line Residences and Park Centrale Tower.

Aside from residential developments, CLI also has a planned 100-hectare reclamation project in Cebu. – Iris Gonzales

Published in PhilStar