VISAYAS-MINDANAO based property developer Cebu Landmasters Inc. (CLI) said it plans to issue P5 billion worth of sustainability-linked bonds in the first quarter of next year.
“Cebu Landmasters, Inc. (CLI) has amended its 17Q [a Securities and Exchange Commission form for quarterly reports] to disclose the reviewed financial results for the nine months ending Sept. 30, 2024. This amendment is in preparation for the issuance of a P5-billion sustainability-linked bond issuance, which forms part of the remaining P10 billion shelf registration,” it informed the stock exchange last week.
CLI Chief Finance Officer Beauregard Grant Cheng confirmed to The Manila Times that the bond issue is planned for the first quarter of 2025.
He added that the proceeds will be used for debt refinancing and for general corporate expenses.
In 2022, the company issued P5 billion in fixed-rate bonds in three subseries: the 3.5-year series A bonds due 2026, 5.5-year series B bonds due 2028, and seven-year series C bonds due 2029.
The bonds carried coupon rates of 6.4222 percent, 6.9884 percent, and 7.3649 percent, respectively, and were issued under CLI’s P15-billion shelf registration program.
CLI raised P4.94 billion from the 2022 bond issuance, of which P4 billion went to project development and the balance for general corporate purposes.
For the first nine months of 2024, CLI reported a 7-percent increase in net income to P2.3 billion from P2.2 billion in the same period last year.
Revenues in the nine months rose 9.2 percent year on year (YoY) to P14.1 billion on the back of strong demand, as property sales grew 8.7 percent YoY to P13.8 billion.
As of end-September this year, the company is said to have launched P8.2 billion worth of projects covering 1,664 residential units, of which 57 percent was aimed at the mid-market segment while 32 percent was for the economic segment.
CLI shares on Friday dropped by 2 centavos, or 0.75 percent, to P2.66 apiece.
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