NEXTASIA LAND INC. has secured a P300-million unsecured corporate note facility from investors to fund project development and land acquisitions as the residential developer expands its footprint in Southern Luzon.
The deal marks the company's first capital market issuance and provides an additional funding source to support its growth plans in Calabarzon, one of the country's key housing markets.
“This transaction is an important step in strengthening our capital structure while maintaining flexibility for future expansion,” NextAsia Chairman and CEO Crispin Carreon said.
“We approached this issuance with discipline — not to maximize size, but to establish a strategic presence in the debt capital market,” he added.
The company said proceeds from the facility would be used for ongoing residential developments and strategic land banking activities within its core growth corridors.
Carreon noted that the company was approaching the fundraising exercise with a focus on establishing a presence in the debt capital market rather than maximizing the size of the issuance.
NextAsia said the facility reflected investor confidence in the company's operating performance, financial management, and long-term growth strategy as demand for affordable housing continues to rise.
BPI Capital Corp. acted as sole arranger and bookrunner for the transaction while BPI Asset Management and Trust Corp. will serve as facility agent and paying agent.
“We are pleased to support NextAsia in this milestone transaction,” BPI Capital President Lester Ong said.
“The company's clear vision and market positioning, attractive growth prospects, and disciplined approach to execution have been well received by investors.” NAZYLEN JOY MABANGLO
