Business
Anchor Land inks P1-B loan deal with BDO, Allied Bank
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Mar 17, 2010 - 11:02:49 AM

MANILA, March 18 (PNA) - Property developer Anchor Land Holdings Inc. (ALHI) has signed a P1-billion notes facility with lenders Banco de Oro and Allied Bank, the first time that the company has tapped the debt market since its successful initial public offering three years ago.

The company, in its disclosure to the Philippine Stock Exchange, said the P1-billion facility will contribute to Anchor Land’s working capital for its ongoing projects as well as allow the company to retire short-term debts. It was arranged by BDO Capital and Investment Corporation.

The signing ceremony was held at the BDO offices in Makati City.

“The timing of this facility is very good, considering that we are on an expansion stage, with seven projects being undertaken within the year. We thank our partner banks for their continuing support for all our undertakings,” ALHI chairman Stephen Lee said.

For his part, ALHI vice chairman Steve Li said the P1- billion facility is a tremendous vote of confidence from the company’s banking partners, particularly BDO and Allied Bank.

“This is a milestone in our fund-raising activities, and it provides us a financial backup considering that we are undertaking lots of developments. It is good to know that our banks are always with us,” he said.

Li said that since the notes facility is for five years, proceeds will also be used to redeem the company’s short-term loans.

BDO Capital president Eduardo Francisco said the banks are very pleased to have concluded the arrangement with Anchor Land. (PNA)
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