CLI Eyes P5B From Sustainability-Linked Bonds

Cebu Landmasters Inc. (CLI), a listed property developer focused on the Visayas and Mindanao regions, is targeting to raise as much as P5 billion from the issuance of sustainability-linked bonds.

- - Richmond Mercurio

The bond issue, which will amount to P3 billion with an oversubscription option of up to P2 billion, will be used to refinance the company's maturing obligations next year as well as for other general corporate purposes.

The issuance is the second tranche of the company's three-year shelf registration program amounting to P15 billion.

Philippine Rating Services Corp. (PhilRatings) has assigned the proposed sustainability-linked bonds an issue credit rating of PRS Aa plus, with a Stable Outlook.

It has likewise maintained its Issue Credit Rating of PRS Aa plus, with a Stable Outlook, for both the company's outstanding bond issuances of P5 billion and outstanding Series A to C corporate notes of P5 billion.