VISAYAS-MINDANAO developer Cebu Landmasters Inc. is looking to list its proposed P5-billion sustainability linked bonds, the second tranche of its P15-billion debt securities program, by the first week of March this year.
The P5-billion offering, announced last December and still awaiting regulatory approval, will consist of peso-denominated Series D and E bonds, respectively, due in 2028 and 2030 with a base offer of P3 billion and an oversubscription option of up to P2 billion.'The next tranche of P5 billion is already in the works,' CLI Chairman and CEO Jose Soberano III told reporters last week, noting that the target date for the listing of the bonds is the first week of March .
Proceeds from the bond issue will be used to refinance maturing obligations this year and for other general corporate purposes.Cebu Landmasters has said that it was planning to issue the final tranche of its debt program by the last quarter of this year.The first tranche of P5 billion in fixed-rate bonds was issued in 2022, comprising three subseries due in 2026, 2028, and 2029, respectively. The bonds carried coupon rates of 6.4222 percent, 6.9884 percent, and 7.3649 percent, respectively.
Landmasters Eyes Early March Bond Listing
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