Sta. Lucia raises P5B from corporate notes

PROPERTY developer Sta. Lucia Land, Inc. was able to raise P5 billion from various banks through the issuance of corporate notes facility which it will use to repay debts and fund development costs, the company told the Philippine Stock Exchange on Tuesday.
China Bank Capital Corp. was tapped as the sole arranger and bookrunner while the Development Bank of the Philippines (DBP) will serve as the co-manager.
China Bank Savings Inc., China Banking Corp., the DBP, and Maybank Philippines Inc. are the notes holders.
In January, the SLI announced plans to avail of a seven-year corporate notes facility with financial institutions for an aggregate amount of P3 billion and an overallotment option of up to P2 billion.
The company said it also secured the board’s go-signal to enter into joint ventures for the development of projects in various locations, including Baguio City, Bulacan, Cavite, Rizal, Batangas, Palawan, Negros Occidental, and Quezon City. The projects for development have an aggregate size of over 1.43 million square meters (sqm).
SLI is also set to acquire parcels of land totaling 1.01 million sqm in size which are located in Dagupan City, Cavite, Laguna, Batangas, Rizal, Iloilo, Davao, and General Santos City.
Last November, the company bared plans to borrow P5 billion to P7 billion to partly fund its three-year capital expenditure program amounting to P15 billion.
Sta. Lucia is a listed real-estate developer with projects located in 200 areas across the country. Its developments include subdivisions, condominiums, and malls, among other projects.