Sta. Lucia redeems bonds

PROPERTY firm Sta. Lucia Land, Inc. (SLI) has fully redeemed corporate bonds ahead of maturity after raising fresh capital.

The real estate developer said in a disclosure to the stock exchange on Tuesday it exercised the early redemption option of its P2-billion Series A fixed-rate peso bonds due 2018.

After redeeming the bonds, SLI terminated the listing of the debt securities on the Philippine Dealing and Exchange Corp. on June 23.

“We recently got a corporate notes facility amounting to P3.1 billion issued by China Bank and we were given a longer period of 10 years at the same rate. That gives us flexibility,” SLI VicePresident for Corporate Planning Jeremiah T. Pampolina said in a telephone interview.

In December 2015, Sta. Lucia listed P4 billion worth of bonds priced at 6.7284% for the threeyear Series A bonds and 6.7150% for the 5.25-year Series B bonds.

“We’re keeping the Series B bonds. That’s another P2 billion due 2020,” Mr. Pampolina said.

Proceeds from the fund-raiser was used to refinance existing secured loans, capital expenditures for land banking and project development, and general corporate purposes. The early redemption price of 101% of the principal amount plus all accrued interest on the bonds was credited to the Philippine Depository & Trust Corp., the appointed registrar and paying agent of the bonds.

SLI’s core business focuses on the development of residential communities. The company’s revenues are currently split at 73-74% from its subdivisions and around 25% from commercial leasing from the Sta. Lucia Mall in Cainta, Rizal.

SLI earned P200.69 million in the first quarter, 5.93% higher than the year-ago level. Shares in SLI added a centavo or 0.98% to settle at P1.03 each on Tuesday.