Property developer Cebu Landmasters, Inc. (CLI) could raise up to P5 billion to boost its capital war chest after securing approval from the Securities and Exchange Commission (SEC) for its Sustainability-Linked Bonds.
In a stock exchange report on Monday, the company said it had received the Permit to Sell from the SEC for the bond issuance, which is part of CLI's P15 billion debt securities program.
The program has a base offering of P3 billion, with an oversubscription option of P2 billion.
The bonds include Series D 3-year Bonds with a 6.634 percent annual coupon rate and Series E 5-year Bonds at 6.9157 percent annually.
The offer period runs from March 10 and ends on March 14, with the bonds scheduled to be issued and listed on the Philippine Dealing & Exchange Corp. on 21 March.
CLI has been given a “PRS Aa+” credit rating by the Philippine Rating Services Corp., reflecting the company’s management, position in the Visayas and Mindanao markets, and earnings growth.
The rating indicates high credit quality with low risk. The stable outlook suggests the rating is likely to remain unchanged in the next 12 months.
CLI is expanding into Luzon with a P12-billion investment, marking its first major venture outside its VisMin base. The company opened a 329-square-meter office in Makati City last January as part of its strategy to become a national real estate player.
By 2026, CLI plans to launch residential projects in South Luzon, specifically in Laguna, Batangas, and Cavite, starting with a house-and-lot community to meet local demand. The company will also develop a two-tower mixed-use residential project near Metro Manila.
CLI is already in talks with property owners to secure sites for future developments, leveraging its experience from over 130 projects across Visayas and Mindanao.