LISTED property developer Cebu Landmasters, Inc. (CLI) has signed a P3-billion sustainability-linked notes facility to fund its upcoming real estate developments, it said on Thursday.
The sustainability-linked notes will have tenors of seven and 10 years from their initial issue date and will be used to finance real estate developments and general corporate purposes, CLI said in a regulatory filing.
“These qualified buyers include BPI Asset Management and Trust Corp. in its capacity as trustee or investment manager for various noteholders, Social Security System, and Sun Life Investment Management Corp.,” it noted.
BPI Capital Corp. acted as sole arranger and bookrunner for the transaction, CLI said, while BPI Asset Management and Trust Corp. will serve as facility agent and paying agent for the sustainability-linked notes facility.
CLI earlier noted plans to allocate P12 billion for the initial phases of two projects in Luzon, namely a horizontal development and a condominium project. The first Luzon project is slated to launch next year.
The latest facility also marks CLI’s second sustainable fund-raising initiative, which is tied to environmental, social, and governance objectives.
In March, CLI raised P5 billion from its first sustainability-linked bond issuance to fund the construction of 16,000 affordable housing units in the Visayas and Mindanao by March 2029.
For 2025, CLI has allocated P15 billion for capital expenditures to support the expansion of its portfolio.
The company posted a 2% increase in its first-quarter attributable net income to P995 million, driven by sustained demand for its Visayas and Mindanao developments.
CLI has a portfolio of 130 projects across 17 cities, covering offices, residential developments, mixed-use projects, resorts, hotels, co-living and co-working spaces, and townships.
At the local bourse on Thursday, CLI shares closed flat at P2.50 apiece. — Beatriz Marie D. Cruz