ITALPINAS Development Corp. on Monday said its subsidiary, IDC Prime Inc., was looking to raise up to P1 billion through a corporate notes facility to fund the development of its Baia Verde residences project in Morong, Bataan.
In a disclosure, Italpinas said its board of approved IDC Prime’s proposed notes facility issuance and Italpinas’ participation as guarantor of the transaction.
The notes issuance will be conducted as an exempt transaction under the Securities and Exchange Commission’s rules and offered exclusively to qualified buyers in accordance with the Securities Regulation Code.
Net proceeds are intended to be used for the development, construction, and completion of the Baia Verde residences project, which is located on a 2.3-hectare property in Morong, Bataan, as well as the associated project costs and working capital requirements.
No further details were given on the timetable and terms of the proposed notes issue.
Italpinas shares on Monday shed a centavo, or P1.15 percent, to close at P0.86 each.
