Italpinas unit to raise P1-B funding for Bataan project
Boutique developer Italpinas Development Corp. (IDC) has given the green light to its participation as guarantor in a proposed corporate notes facility worth up to P1 billion, as its subsidiary seeks additional funding for a residential project in Bataan.
Italpinas on Monday disclosed that its board of directors approved and noted the entry by its subsidiary, IDC Prime Inc., into the planned corporate notes facility.
The parent firm will act as guarantor in connection with the transaction.
The company said the proposed issuance of corporate notes will be conducted as a Securities and Exchange Commission (SEC)-exempt offering and will be limited exclusively to qualified buyers.
This follows Rules 10.1.3 and 10.1.11 of the implementing rules and regulations of the Securities Regulation Code.
Italpinas said that the net proceeds from the facility are intended to fund the development, construction and completion of IDC Prime’s Baia Verde residential project.
In Morong
The project is located at a 2.3-hectare property in Morong, Bataan. The proceeds will also cover associated project costs and working capital requirements directly related to the development.
The notes facility forms part of the company’s efforts to support its subsidiary’s expansion and ensure the timely delivery of the Baia Verde project. It is expected to contribute to IDC Prime’s residential portfolio outside Metro Manila.
Italpinas, which is listed on the Philippine Stock Exchange, reported that the board approval was made during its meeting last Feb. 6.
The company did not provide further details on the timetable of the proposed issuance, including the final terms of the notes. But it emphasized that the offering will be restricted to qualified institutional investors under existing securities regulations.
