Cebu holdings to issue P5-B bonds
MANILA, Philippines – Ayala-led property developer Cebu Holdings Inc. is seeking approval from the Securities and Exchange Commission (SEC) to issue up to P5 billion worth of fixed rate bonds due 2021.
The proposed bonds will be issued in tranches, with the initial tranche amounting to P3 billion and an oversubscription option, and will be listed with the Philippine Dealing & Exchange Corp.
BPI Capital Corp. and First Metro Investments Corp. were tapped as the joint issue managers and joint lead underwriters for the offering.
The property firm said the bonds will be issued in the denominations of P50,000 each as a minimum and in the multiples of P10,000 thereafter.
Cebu Holdings’ net income in 2013 climbed 13 percent to P501.1 million from P443.6 million in 2012 as consolidated revenues jumped 32.85 percent to P2.17 billion compared to P1.63 billion in 2012.
It doubled its capital expenditure spending in 2013 to P2.53 billion for the development of residential projects, shopping centers and office towers.