CEBU Landmasters Inc. (CLI) plans to raise up to P5 billion from the offering of sustainability-linked bonds in 2025.
CLI said in a disclosure to the stock exchange Monday it filed with the Securities and Exchange Commission (SEC) the registration statement for the sale of up to P3 billion sustainability-linked bonds, with an oversubscription option for another P2 billion.
The bonds will be issued as second tranche from CLI’s P15-billion bond shelf program approved by the SEC in 2022. The bonds will have tenors of three years due 2028 and five years due 2030,
CLI said the planned bond sale obtained an exemplary credit rating of PRS Aa plus, with a stable outlook, from the Philippine Rating Services Corporation (PhilRatings).
According to PhilRatings, obligations rated “PRS Aa” are of high quality and are subject to very low credit risks — a very strong indication of the obligor’s capacity to meet its financial commitment.
A stable outlook indicates that the rating is likely to be maintained or to remain unchanged in the next 12 months.
PhilRatings said it considered CLI’s sound management and strategy, with a sustained competitive advantage in the Visayas and Mindanao (VisMin).
It also noted the company’s sustained earnings growth, adequate interest coverage ratios despite a more leveraged capital position and substantial land bank for future development.
CLI’s net income rose 7 percent in the first nine months of 2024 to P2.3 billion, as revenues jumped 9.2 percent to P14.1 billion.
It launched P8.2 billion worth of projects with 1,664 residential units from January to September. These new project launches are already 89 percent sold-out, indicating high demand for the company’s products.
