DMCI unit raises P10B for real estate projects

MANILA, Philippines - A unit of DMCI Holdings, Inc. has raised P10 billion to finance real estate projects, the holding firm said in a disclosure on Wednesday.

DMCI Project Developers, Inc. has signed a facility agreement for the issuance of P10 billion worth of seven-year fixed rate corporate notes.

DMCI Holdings stressed the notes were oversubscribed, prompting its unit to double the initial issue size of P5 billion.

"DMCI PDI (Project Developers Inc) shall use the proceeds from the Notes issue to finance projects development and construction costs, acquire real estate properties, and fund other general corporate purposes," the holding firm said.

BDO Capital & Investment Corp. was tapped as the lead arranger and sole bookrunner for the transaction.

source: abs-cbnnews.com