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PROPERTY developer Sta. Lucia Land, Inc. (SLI) is planning to issue up to P5 billion worth of corporate notes to finance existing obligations and future projects.
SLI told the stock exchange on Tuesday that its board of directors, in a special meeting on January 8, authorized the company to negotiate and avail of a seven-year corporate note facility with financial institutions for an aggregate amount of P3 billion with an overallotment option of P2 billion.
“Subject to securing all required approvals under applicable laws, rules and regulations, the corporation was authorized to negotiate and avail of a seven-year Corporate Note Facility with financial institutions, with a maximum of nineteen (19) investors,” it said.
Proceeds will be used for the pre-payment of existing obligations, the financing of project development costs, and general corporate purposes.
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 in 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.
In November last year, the company bared plans to borrow P5 billion to P7 billion to partly fund its three-year capital expenditure program amounting to P15 billion.
SLI is a listed real estate developer with projects located in 200 areas across the country. Its developments include subdivisions, condominiums, and malls, among others.