Cebu Landmasters, Inc. (CLI) signed last March 5 an ₱8-billion corporate notes facility agreement to finance strategic land acquisitions in new expansion areas of Puerto Princesa, Leyte, Butuan and General Santos as well as cities where it already operates, namely: Cebu, Bohol, Bacolod, Cagayan de Oro and Davao.

“Part of the proceeds will also fund the development of a 22-hectare central business district hub in Matina, Davao,” according to a March 9 disclosure to the Philippine Stock Exchange.

The issue which was oversubscribed consists of five-year corporate notes amounting to ₱1.3 billion; seven-year corporate notes amounting to ₱5.7 billion; and 10-year corporate notes amounting to ₱1.0 billion.

Institutions which participated in the exercise were Bank of the Philippine Islands, China Banking Corporation, Development Bank of the Philippines, Land Bank of the Philippines, Rizal Commercial Banking Corporation and Social Security System.

The issuance was jointly arranged by BPI Capital Corp. and China Banking Corp. with the other aforementioned banks as co-arrangers.

Published in Manila Bulletin