Sta. Lucia enters PH bond market

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Property developer also sells treasury shares to Philippine Racing Club
LISTED property developer Sta. Lucia Land Inc. has entered the bond market, as it joined on Tuesday the community of listed corporations on the Philippine Dealing and Exchange Corp. (PDEx).

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In a disclosure to the Philippine Stock Exchange (PSE), Sta. Lucia said it listed P3 billion worth of fixed-rate peso bonds with an over-subscription option of up to P2 billion in the PDEx platform.

This marked the maiden listing of Sta. Lucia in the Philippine bond market.

The Sta. Lucia peso bonds will have two series terms.

Series A consists of three-year fixed-rate bonds due in 2018, with a fixed yearly interest rate of 6.7284 percent.

Series B has five-year and three-months fixed-rate bonds due in 2021, with a fixed annual rate of 6.7150 percent.

Sta. Lucia has engaged China Banking Corporation as the issue manager, book runner, and lead underwriter. China Bank’s Trust Group will be the issue’s trustee.

The Philippine Depository and Trust Corporation will be the registrar.

The co-lead underwriters are Amalgamated Investment Bancorporation and BDO Capital and Investment Corporation.

The Credit Rating and Investor Services Philippines, Inc. has rated the bonds AA+, according to Sta. Lucia.

Meanwhile, the property firm also announced on Tuesday that it sold some of its Treasury shares to the Philippine Racing Club.

In a separated disclosure to the PSE, Sta. Lucia said it sold 400 million shares of its Treasury shares to the country’s largest racing club at P0.75 per share.

Sta. Lucia stressed that this was above the 30-day volume weighted average price (VWAP) of P0.7321 per share, which was computed on December 18.

The firm did not disclose the reason for the sale of the Treasury shares.

After selling 400 million of its treasury shares, the property firm still owns a total of 1.85 billion Treasury shares and 8.95 billion outstanding.

Sta. Lucia is a developer of vertical and horizontal properties. It also owns a shopping mall in Cainta, Rizal.

It owns two subsidiaries, Sta. Lucia Homes Inc. and Sta. Lucia Ventures Inc., which are both engaged in the construction, development, and management of residential structures.

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