Proceeds from Sta. Lucia’s latest fundraising would be used to finance its projects and pay existing debts.
Publicly listed Sta. Lucia Land Inc. (SLI) said it signed a P5-billion notes facility with several banks to help fund its projects.
Part of the proceeds will also be used to pay existing debts, said SLI in a disclosure to the Philippine Stock Exchange last month.
According to SLI, China Bank Capital Corp. was the sole arranger and bookrunner while Development Bank of the Philippines (DBP) acted as co-manager. China Bank Savings Inc., China Banking Corp., DBP, and Maybank Philippines Inc. meanwhile are note holders.
This latest fundraising was said to form part of the company’s plans to partially finance an up to P15-billion, three-year capital expenditure program.
In January, SLI disclosed that it was authorized to avail of a seven-year corporate note facility with financial institutions, for an aggregate amount of P3 billion and with an overallotment option of P2 billion. It also announced that it would enter into joint ventures to develop projects spanning some 1.4 million sqm spread in different sites.