MANILA, Philippines - Property firm Company of Friends Inc. (Pro-Friends), a real estate firm that has built more than 25,000 quality and affordable housing units mostly in Cavite, has raised P1.5 billion through the issuance of five-year corporate notes to fund its ongoing expansion and landbanking program.
“This is a significant milestone for Pro-Friends having successfully issued its maiden issue in the debt capital markets, with an oversubscription of 1.5 times. This achievement signals the bright prospects for bigger and better things for Pro-friends in the future,” said Carmelo Maria L. Bautista, investment banking group head and executive director of First Metro Investments Corp. (FMIC).
FMIC, the investment banking arm of the Metrobank Group, was the issue manager while those that subscribed to the notes were Security Bank Corp., MIC, United Coconut Planters Bank, Maybank Philippines, Union Bank of the Philippines, Rizal Commercial Banking Corp., Pioneer Life Inc., First Metro Save and Learn Fixed Income Fund and Vicsal Investment Inc.
For her part, Jocelyn L. Guzman, senior vice-president of the Funds Management Group at Pro-Friends, said: “We are very delighted with the results of this maiden issuance of notes as it affirms the financial community’s confidence in Pro-Friends.”
Guzman said proceeds from the notes issuance would be used to finance the company’s capital expenditures which are expected to increase in the coming years as it launches new projects.
Among its ongoing projects are Bellefort Estates, Lancaster Estates, California West Hills, Carmona Estates, Greensborough Subdivision, Las Verandas Villas, Montefaro Village-West and Ridgecrest all in Cavite; Monticello Villas and Parc Regency Residences in Iloilo; and Mahogany Mansion in Metro Manila.
Pro-Friends was established in February 1999 by a group of dynamic individuals who espoused a common vision of creating communities and transforming lives by providing affordable, good quality homes.
The company has grown from being a provider of homes for the low income group in small pocket developments, to medium rise condominiums and townhouses for the middle-income earners, as well as single detached units in estate developments for the higher-end market.