PNB Capital and Investment Corp., the investment banking arm of Philippine National Bank, completed the first-ever P1-billion domestic offering of Laguna-based P.A. Alvarez Properties and Development Corp.
P.A. Alvarez Properties is one of the largest low- to medium-cost housing developers in Luzon, particularly the Calabarzon region, Metro Manila and Central Luzon.
PNB Capital, the sole issue manager and lead arranger, structured an innovative financial instrument enabling P.A. Properties to tap long-term funding while keeping its leverage position at manageable levels.
Greg Perez, senior vice president and chief financial officer of P. A. Properties, told reporters in a briefing in Makati City that the proceeds of the issuance would be used to fund the company’s property development initiatives, including land banking, over the next five years.
“The issuance was conducted in four tranches... We are currently planning to do a bigger issuance in the months to come,” Perez said.