Cebu Landmasters’ shelf offering gets SEC approval

MANILA, Philippines — Cebu Landmasters Inc.’s debt securities program has secured approval from the Securities and Exchange Commission (SEC).

The SEC said the Commission en banc has resolved to render effective the registration statement of Cebu Landmasters covering up to P15 billion of bonds, subject to the company’s compliance with certain remaining requirements.

Cebu Landmasters 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, Series B bonds due 2028, and Series C bonds due 2029.

Proceeds from the offer will be used for project development or capital expenditures for various real estate projects and for general corporate purposes.

The bonds comprising the first tranche will be offered at face value from Sept. 26 to 30, and will be listed on the Philippine Dealing & Exchange Corp. by Oct, 7, based on the latest timetable submitted to the SEC.

Cebu Landmasters 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.