DMCI raises P10B from notes issue

The real estate and housing unit of DMCI Holdings has raised P10 billion from the sale of long-term debt paper to selected institutional investors.

DMCI told the Philippine Stock Exchange on Wednesday that its unit DMCI Project Developers Inc. (DMCI PDI) had signed the seven-year fixed rate corporate notes facility, which was increased from the original offer of P5 billion due to strong demand.

The disclosure said the DMCI housing unit would use the proceeds from the notes issue “to finance project development and construction costs, acquire real estate properties, and fund other general corporate purposes.”

Unlike retail bonds that require a more stringent registration process with the Securities and Exchange Commission, the issuance of corporate notes is a faster fund-raising exercise because the notes are privately offered and sold to no more than 19 institutional investors.

BDO Capital & Investment Corp. acted as the lead arranger and sole bookrunner of the notes issue.