DMCI's construction unit borrows P10B to fund projects

DMCI Project Developers Inc., a wholly-owned subsidiary of DMCI Holdings Inc., has entered into a P10-billion corporate note facility to finance its ongoing and future projects as well as settle existing debt.

In a filing with the Philippine Stock Exchange on Tuesday, DMCI Holdings said its unit aims to raise P10 billion from the issuance of Series F and G notes worth P1 billion each, Series H and I notes worth P2.5 billion each, and Series J and K notes worth P1.5 billion each.

"The proceeds from the issuance of such notes will be used to fund its acquisition of real estate properties, fund its project development costs, refinance its existing indebtedness, and fund other general corporate purposes," the parent firm said.

BDO Capital and investment Corp. was hired as lead arranger and sole bookrunner for the transaction.

The initial note holders of the facility will consist of 10 firms, including ALFM Peso-Bond Fund Inc, BDO Leasing and Finance Inc., BDO Private Bank Inc., BDO Unibank Inc., and Bank of the Philippine Islands.

The other note holders are BPI Asset Management and Trust Group – as trustee for the Bank of the Philippine Islands Employees Retirement Plan – China Banking Corp., Development Bank of the Philippines, Land Bank of the Philippines, and Security Bank Corp.

DMCI Holdings earlier noted a 31-percent increase in its bottom line at P9.9 billion in the first nine months of the year, citing an improved performance across its business interests. – Jon Viktor Cabuenas/VS, GMA News