Posted on October 31, 2012 08:26:21 PM
[ BusinessWorld Online ]
DMCI Project Developers, Inc. (DMCI
Homes), the wholly owned property arm of DMCI Holdings, Inc., has raised P10
billion in fresh capital for project spending and land banking from a recent
notes issue, the listed parent said in a disclosure to the Philippine Stock
Exchange on Wednesday.
“This is to inform the investing
public that our real estate and housing development subsidiary, DMCI Homes,
recently signed a facility agreement with a group of primary institutional
lenders for DMCI Homes’ issuance of P10 billion in seven-year fixed-rate
corporate notes,” the disclosure read.
DMCI Homes said it will use issue
proceeds “to finance project development and construction costs, acquire real
estate properties, and fund other general corporate purposes.”
“The amount is already provided by
local banks, to be drawn within one year,” Aldric G. Borlaza, DMCI Holdings
senior finance officer, said in a text message when asked on the profile of the
issue’s institutional investors.
The notes issue was originally sized
at P5 billion, but robust demand prompted DMCI Homes to exercise the issue’s
overallotment option and upgrade the issue size to P10 billion, the disclosure
said.
Sy-led BDO Capital & Investment
Corp. served as lead arranger and sole bookrunner of the notes issue.
DMCI Homes had allotted P8 billion in
capital expenditures to bankroll its property projects this year.
The property firm last March acquired
three lots on Sheridan Street, Mandaluyong City, previously owned by food firm
Swift Foods, Inc. for P500.22 million, boosting the the former’s land portfolio
by an additional 11,116 square meters.
DMCI Homes grew its net income by
42.01% to P1.2 billion in the first half from P845 million the previous year,
while revenues rose 40.63% to P4.5 billion from P3.2 billion, DMCI Holdings’
end-June financial statement showed.
DMCI Holdings, for its part, hiked
profits 9.47% to P5.78 billion from P5.28 billion in the same comparative
six-month period, thanks to gains made in its principal coal mining and infrastructure
businesses.
In the same six-month period, revenues
-- mostly from coal sales and construction contracts -- rose 4.81% to P27.47
billion from P26.21 billion, while cost of sales and services expanded 10.07%
to P17.81 billion from P16.18 billion.
Shares of DMCI Holdings were traded at
P54 apiece on Wednesday, unchanged from Tuesday’s close. -- Franz Jonathan G.
de la Fuente
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