Arthaland starts ₱3-B green bond offering

Published January 22, 2020, 12:00 AM

by manilabulletin_admin

By JAMES A. LOYOLA

Arthaland Corporation, the country’s foremost sustainable developer, has launched its offer of ₱2-billion ASEAN Green Bonds with an oversubscription option of up to ₱1 billion.

The Securities and Exchange Commission (SEC) has just given the green light for the firm to sell its bonds, proceeds from which will fund eligible green projects under its green finance framework.

“We are very pleased with the overwhelming positive response toward our green projects. With this offer, Arthaland will be the first, non-bank corporate issuer of SEC-registered ASEAN Green Bonds in the Philippines. This demonstrates our unwavering commitment to sustainability,” said Arthaland Vice Chairman and President Jaime C. Gonzalez.

The ASEAN Green Bonds are registered with the SEC and carry a coupon rate of 6.3517 percent per annum payable quarterly in arrears and will mature on the fifth anniversary from the February 6, 2020 issue date.

This is unless Arthaland exercises its early redemption option on the third and fourth anniversaries from issue date in which case the ASEAN Green Bonds will be redeemed at 101 percent and at 100.5 percent of face value respectively.

The minimum denomination is ₱50,000.00 with increments of ₱10,000.00 thereafter.

The ASEAN Green Bonds received a very strong credit rating from the Philippine Rating Services Corporation (PhilRatings), which assigned it an Issue Credit Rating of PRS Aa minus, with a Stable Outlook. Offer period is January 22 to 28.

Arthaland is leading the green building charge as it hit P10 billion in cumulative reservation sales in 2019 for its three developments currently undergoing construction.

These include; Cebu Exchange, the single largest green office building in the Philippines with approximately 11 hectares of gross floor area; Savya Financial Center, a premium green twin tower office development in Arca South; and Sevina Park, a low-density, mixed-use community in Binan, Laguna.

For the year 2020, Arthaland will continue to expand its green development portfolio with the launch of its flagship high-end green residential condominium in Cebu City, a green luxury residential condominium in Makati CBD, and low and mid-rise upscale apartments in Sevina Park.

BDO Capital and Investment Corp. and ING Bank are the joint lead underwriters and joint bookrunners while PNB Capital and Investment Corp. is the co-lead manager for the offer.

 
CLICK HERE TO SIGN-UP
 

YOU MAY ALSO LIKE

["business","business"]
[951939,3004700,3004741,3004738,3004707,3004696,3004693]