Cebu Landmasters, Inc. (CLI) has signed a P3-billion notes facility deal with BPI Investment Management, Inc. (BIMI) to help finance a portion of its P12-billion capital expenditure (capex) for the year.
CLI’s chief financial officer, Beauregard Grant L. Cheng, said in a statement on Monday, “We completely plan to live up to our commitments and maintain shared value and prosperity for our investors.”
CLI has already stated that this year’s capex will be used to finance the construction of its latest programs.
The proceeds from the notes would be used to expand the company’s portfolio, including a mixed-use 300-room dormitory-hotel in Cebu City, as well as other ventures in Visayas and Mindanao.
A portion of the funds would go into the company’s 100-hectare reclamation project for its Cebu-based techno business park.
BPI Capital Corp. negotiated the transaction.
“CLI appreciates BIMI and BPI Capital’s trust in our business. Mr. Cheng said, “We look forward to a long and prosperous relationship that will benefit both parties.”