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SEC approves fundraising plans of AREIT, Cityland

The Securities and Exchange Commission (SEC) on Friday said it “considered favorably” the bond offering of AREIT, Inc. and the commercial papers of Cityland, Inc.

In a statement, the regulator said the Commission En Banc approved the registration statements of AREIT for the shelf-registration of its P15-billion debt securities program and Cityland’s P500-million commercial papers in its Dec. 9 meeting.

However, this is still subject to both firms’ compliance with other requirements, the SEC said.

AREIT may issue the shelf-registered bonds within three years. Its initial tranche will consist of up to P3-billion fixed-rate bonds due 2023.

AREIT may net up to P2.9 billion from the first tranche, which will be used to refinance debt and to partially finance its acquisition of mixed-use commercial development The 30th in Pasig City.

According to the latest timetable AREIT submitted to the SEC, the Ayala-led company plans to conduct the offer from Dec. 13 to 16. The bond listing at the Philippine Dealing & Exchange Corp. (PDEx) is slated on Dec. 23.

AREIT tapped BPI Capital Corp. and BDO Capital & Investment Corp. as joint lead underwriters and bookrunners for the offer.

Meanwhile, Cityland is planning to offer P500-million worth of commercial papers to the public.

Cityland may net up to P496 million for the offer, which will be used to pay project-related costs, maturing loans or notes, and interest expense.

Proceeds may also be used to partially fund the construction of its 27-story commercial and residential condominium project in Las Pinas City, One Premiere. — Keren Concepcion G. Valmonte

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