By Susanna Moon
Chicago, Dec. 10 – Sta. Lucia Land, Inc. said it set the coupon for its peso-denominated series A three-year retail bonds at 6.7284% and its series B 5.25-year retail bonds at 6.715%.
Sta. Lucia Land registered up to Ps. 3 billion of the bonds with an over-subscription option of up to Ps. 2 billion of unsecured bonds consisting of series A bonds due 2018 and series B bonds due 2021, according to a company notice.
The issue manager and lead underwriter is China Banking Corp.
“The Securities and Exchange Commission gave the go signal for two companies to raise Ps. 28 billion to refinance existing debts and fund future projects,” according to the Manilla Times.
The SEC also approved the Ps. 15 billion and Ps. 10 billion issues of short-term commercial papers of BDO Leasing and Finance Inc., the Times noted.
Proceeds of the Ps. 5 billion issue would be used to refinance Ps. 3.25 billion of secured loans, Ps. 1.38 billion of capital expenditures for land banking and ongoing projects for 2015 and 2016 and Ps. 262 million for general corporate purposes.
If the greenshoe is not exercised, proceeds of about Ps. 2,935,000,000 will be used to refinance loans.
At the end of September, the company had Ps. 3,254,000,000 of maturing loans due from late 2015 to 2018. Of that amount, Ps. 1,036,000,000 of loans are from BDO Unibank Inc., Ps. 1.5 billion from China Banking Corp., Ps. 323.5 million from Rizal Commercial Banking Corp., Ps. 250 million from Asia United Bank and Ps. 144.5 million from Malayan Bank.
For land banking, Sta. Lucia said the bond issue will partly fund Ps. 2.88 billion worth of acquisitions covering 223 hectares.
The issuer is a real estate company based in Rizal, Philippines.
| Issuer: | Sta. Lucia Land, Inc.
|
| Issue: | Retail bonds
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| Amount: | Ps. 3 billion
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| Greenshoe: | Ps. 2 billion
|
| Lead underwriter: | China Banking Corp.
|
| Announcement date: | Dec. 10
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|
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| Series A bonds
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| Maturity: | Three years
|
| Coupon: | 6.7284%
|
|
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| Series B bonds
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| Maturity: | 5.25 years
|
| Coupon: | 6.715%
|
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