Sta. Lucia Land to raise up to P5-B via maiden bond issue

The property firm’s board of directors approved on Friday the sale of corporate bonds through a public offering worth an aggregate principal amount between P3 billion and P5 billion, subject to compliance with applicable requirements.
The bonds are intended to be listed on the Philippine Dealing and Exchange Corp.
“This is our first ever [bond] issuance. Our target is to launch it at the start of the fourth quarter,” Sta. Lucia Chief Financial Officer David M. Dela Cruz said in a phone interview.
Proceeds from the debt sale will be used to pay off debt and finance capital requirements, Mr. Dela Cruz said.
Sta. Lucia’s board approved in April a capital-raising plan of up to P6 billion.
Originally incorporated in 1996 as Zipporah Mining and Industrial Corp., Sta. Lucia changed its primary purpose to that of a real estate company in 1996.
Its portfolio consists of horizontal and vertical properties across the country, as well as a shopping mall in Cainta, the Sta. Lucia East Grand Mall.