LISTED real estate developer Italpinas Development Corp. (IDC) said its board of directors has approved the planned issuance by its subsidiary IDC Prime, Inc. of up to P1 billion in corporate notes.

“The proposed issuance of the corporate notes will be conducted as a SEC-exempt offering, and the offering will be limited exclusively to Qualified Buyers under Rules 10.1.3 and 10.1.11 of the Implementing Rules and Regulations of the Securities Regulation Code,” the company said in a disclosure on Monday.

The board also approved IDC’s role as guarantor for the facility.

The company said the net proceeds of the facility will be used to fund the development, construction, and completion of IDC Prime’s Baia Verde Residences project on a 2.3-hectare site in Morong, Bataan.

This includes related project costs and working capital requirements directly tied to the project.

At the local bourse on Monday, IDC shares closed at P0.86 apiece, down 1.15%. — Alexandria Grace C. Magno