Cityland P100-M debt paper approved

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Cityland Development Corp. (CDC) has received the green light from the Securities and Exchange Commission (SEC) to issue P100 million worth of commercial paper to fund its projects and settles its financial obligations.

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In an email to reporters on Tuesday, the SEC said it approved CDC’s short-term commercial papers (STCP).

Net proceeds of P99.334 million after issue-related fees and taxes will be used for project related costs (P73.124 million), interest expenses (P1.21 million) and redeem maturing notes (P25 million).

The project to be funded is the North Residences, a 279-storey residential condominium tower in Quezon City which is less than 10 percent complete.

Cityland is also seeking a separate SEC approval to issue P1.2 billion worth of commercial papers.

Since 2003, the property developer has been raising funds by taping the capital market to finance its real estate projects. It issued P1.4 billion of STCP last year.

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