slot machine repairs near me-SEC approves CLI shelf offering
THE Securities and Exchange Commission (SEC) approved on Tuesday the debt securities program of Cebu Landmasters Inc. (CLI), which looks to raise as much as P8 billion from the first tranche.
The bonds have a principal amount of up to P5 billion and a P3-billion oversubscription option.
In its Sept. 6, 2022 meeting, the SEC en banc resolved to render effective the registration statement of CLI covering up to P15 billion of bonds, subject to the company's compliance with certain remaining requirements.
The SEC also said the company may offer the bonds in tranches within three years. For the first tranche, the listed property developer will offer to the public up to P8 billion of Series A bonds due 2026, several Series B bonds due 2028 and several Series C bonds due 2029.
CLI is expected to get up to P7.9 billion from the offering, which the developer said will be used for project development or capital expenditures for various large-scale estate projects such as the 22-hectare Davao Global Township, the 14-hectare Manresa Township in Cagayan de Oro and the 100-hectare Minglanilla Techno-Business Park in Cebu, and for general corporate purposes.Get the latest news
The bonds comprising the first tranche will be offered at face value from September 26 to 30, 2022, and will be listed on the Philippine Dealing and Exchange Corp. by Oct. 7, 2022, according to the latest timetable submitted to the SEC.
CLI engaged BPI Capital Corp. and China Bank Capital Corp. as joint issue managers, joint lead underwriters and joint bookrunners for the offer, while PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. were tapped as co-lead underwriters.
For the first half of 2022, CLI achieved its highest first-half net income performance of P1.55 billion, an increase of 40 percent versus its first-half figure during 2021.