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Anchor Land to raise P1B fixed notes

[ ] March 17, 2010

Listed developer Anchor Land Holdings Inc. (ALHI) will raise P1 billion through five-year fixed rate notes to provide working capital for ongoing projects and allow the company to retire short term debts.

The terms of the notes have yet to be finalized, but company officials said Banco de Oro and Allied Bank will play major roles in the offering. The facility will be arranged by BDO Capital and Investment Corp.

"The timing of this facility is very good, considering that we are on an expansion stage, with seven projects being undertaken within the year," said ALHI chairman Stephen Lee.

This year, ALHI has seven ongoing projects. Five are high end, high-rise residential condominiums, three of which are in Binondo Manila, one in San Juan and the other in Aseana Business Park, Parañaque, between Pagcor City and SM Mall of Asia. Two are shopping centers which would be built in Pasay City.

ALHI vice chairman Steve Li said the P1 billion facility is a tremendous vote of confidence from the company’s banking partners, particularly BDO and Allied Bank.

"This is a milestone in our fund-raising activities, and it provides us a financial backup considering that we are undertaking lots of developments. It is good to know that our banks are always with us," he said.


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