One of the fastest growing real estate developers today, Property Company of Friends, Inc., (Pro-Friends) announced its issuance of P3 billion worth of five-year corporate notes. Proceeds of the notes will finance the company’s land banking and working capital requirements.
“We were very pleased with the results of the maiden issuance of P1.5B corporate notes in January 2011 which was 1.5x oversubscribed, this new batch as it affirms the financial community’s confidence in PRO-FRIENDS,” says PRO-FRIENDS President Jocelyn L. Guzman.
BDO Capital and Investment Corporation acted as the sole arranger and book runner. The note holders include BDO Unibank, BDO Private Bank and BDO Leasing. The facility, paying and trustee agent is the BDO Trust and Investment Group.
“This facility could not have been timelier as PRO-FRIENDS is currently in an expansion mode, having experienced unprecedented growth in sales take-up since March of last year when we breached the P1B mark. Reservation peaked in August 2011 at P1.8B.” Guzman said.