DMCI cleared to issue P500-M Homesaver Bonds
By Iris Gonzales (The Philippine Star)
MANILA, Philippines - DMCI Homes, the Consunji group's property arm, has obtained the green light from the Securities and Exchange Commission (SEC) to proceed with the second offering of P500 million in Homesaver Bonds.
"The second offer is primarily intended to assist retail investors in accumulating savings to be used as down payment for a DMCI Homes unit. Capital raising is only secondary to the foregoing purpose. In the event the issuer is unable to raise the P500 million second offer issue size, the company will finance its working capital and general corporate expenses using inter ally generated funds," DMCI said in its registration statement.
DMCI Homes is the housing development arm of the Consunji Group's DMCI Holdings Inc. It has an existing shelf registration from the Securities and Exchange Commission (SEC) to issue up to P1 billion in Homesaver Bonds.
The company successfully sold P500 million in November last year for the first offering.
The P500 million bonds were composed of three and five-year bonds and were offered in three tranches.
DMCI Homes is gearing up to launch nine new projects next year with total value of P50 billion.
It also has plans to mark its first foray in mass housing, with the first project possibly in Bataan.