CITYLAND Development Corp. is seeking an approval from the Securities and Exchange Commission (SEC) to raise P1.2 billion from debt to fund projects, pay interest expenses and settle maturing loans.
In a regulatory on Friday, Cityland said it is issuing P1.2 billion worth of commercial papers.
The net proceeds of P1.193 billion after fees and taxes will fund projects (P236 million), pay interest expenses (P14.76 million) and settle maturing notes (P942.282 million).
The project to be funded will be the Pines Peak Tower I, a 27-story residential condominium tower in Mandaluyong City which is 82.69 percent complete.
Since 2003, Cityland has borrowed money to finance real estate projects, the latest of which was last year when it issued up to P1.4 billion of short term commercial papers.