BOI approves P5B housing, power projects

BY IRMA ISIP

[ Malaya.com.ph ] July 1, 2010

The Board of Investments (BOI) has approved P5.155 billion worth of projects this week, led by six housing projects with an aggregate amount of P2.6 billion and three power projects valued at P2.5 billion.

Meanwhile, three manufacturing for export projects also got the BOI nod.

Two of the power projects are in renewable energy: the P903.3 million 7.2 megawatt (MW) biomass power plant in Alicia, Isabela by Lucky PPH International Inc. (LPPHI) owned by Filipino and Chinese investors and the P798.26-million 4 MW landfill methane recovery and electricity generation in San Antonio, San Pedro, Laguna of Bacavalley Energy Inc. (BEI) owned by local businessmen.

The BOI also approved the P653.7 million 620MW Limay oil-fired combined cycle power plant in Limay, Bataan of Panasia Energy Holdings Inc. (PEHI) owned by San Miguel Corp.

Two companies owned by common stockholders are investing a combined P1.045 billion for two housing projects in the Visayas. 8990 Cebu Housing Development Corp. is investing P583.68 million for Deca Homes Mactan 4 Subdivision in Bangkal, Lapu-Lapu City, Cebu while Iloilo Housing Development Corp. is putting in investing P461.68 million for Deca Homes Pavia Subdivision, in Iloilo City.

Both companies have the same stockholders: Luis Yu Jr. (75 percent), Jesus Atencio (15 percent) and Mariano Martinez Jr. (10 percent).

Cityland Inc. meanwhile is spending P959.17 million for Tagaytay Prime Residences 1 Residences, a 21-storey condominium project in Brgy. San Jose, Tagaytay City. Cityland is owned by Stephen Roxas (28 percent), Grace Lusion (15 percent), Andrew Luison (14 percent), Daniel Yon Chiong (9 percent), Helen Roxas (9 percent), Lucy Fan (9 percent),and Alive Cohoc (7 percent).

Property Company of Friends, Inc. (PCFI) is investing P606 million for two housing projects: the P314.67 million Lancaster Villages Phase 1 in Kawit, Cavite and the P290.97-million Monticello Villas Phase 1 in Pavia, Iloilo.

The company’s major stockholders are the Choa family (60 percent) and Maplecrest Property Mgt., Inc. (40 percent), which is also owned by the Choas.

LPPHII’s RE project will generate electricity through gasification of biomass materials such as rice stems and rice husks, primarily, corn stalks, and other agricultural wastes. It will supply the electricity requirements of 13 municipalities in Isabela.

The facility will require 28,800 MT of biomass per year to operate. The company has entered into an agreement with various rice millers in the area for rice husk to ensure reliable and steady supply of biomass.

About 5 MW of electricity generated by the plant has an assured market through a 25-year power Supply Agreement (PSA) with the Isabela 1 Electric Cooperative, Inc. The remaining electricity produced will be supplied to Lucky Brothers Rice Mill, the firm’s sister company, to supply power to its milling operation.

The company’s major stockholders are Lucky Pua (45 percent), Jennifer and Raymond Dizon (25 percent) along with their Chinese partners Riqiang and Wenquiang Pan who hold the remaining 30 percent stake.

BEI’s RE project involves the construction and operation of a 4 MW landfill methane recovery and electricity generation project in San Antonio, San Pedro, Laguna. The methane that will be captured will be used as fuel to produce electricity as a base load in supplying the power requirements of the area.

The project will considerably reduce if not eliminate 70 percent emission of methane generated by the landfill facility for a period of 10 years.

To get the project off and running, BEI will install methane recovery wells, methane collection pipes, power generation, transformers, and transmission equipment on the landfill site.

BEI’s major stockholders are Salvador Zamorra II (60 percent), Hanniel Fernandez (5 percent) and Peregrino Fernandez Jr (35 percent) who also serves as the company president.

SMC’s PEHI will operate the 620MW Limay oil-fired combined cycle power plant which it acquired from the National Power Corp. for $13.5 million late last year.

Since its commissioning in 1994, the project was owned and operated by the Napocor but said project was never registered with the BOI.

The Limay plant was turned over last January and started operation the following month. There are no Energy Supply Agreements (ESA) with distribution utilities and industrial accounts that are included in the sale of the plant.

The Limay power plant serves as reserve/back-up plant within the Luzon grid. The Wholesale Electricity Spot Market (WESM) gives the dispatch order to PEHI when the grid requires additional electricity.

All of the plant generated output will be sold to WESM starting at P12.42 on its 1st year of operation as compared to Napocor’s selling price of P15 per kWh.

AGS Industrial Development Corp. is investing P100.63 million for the manufacture for export of nylon filament yarns and nets and twines in Valuenzuela City with annual capacities of 513 metric tons (MT) and 1,197 MT, respectively.

Riverdale Confectionery Industry Inc. meanwhile is expanding the production for export of marshmallows in its plant in Imus, Cavite at an investment cost of P26.4 million.

Zamboanga Carageenan Manufacturing Corp. is putting in P63.16 million as a new export producer of food-grade semi-refined carrageenan powder at an annual capacity of 2,300 MT at its facility in Zamboanga City.

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Sale of Mimosa leisure complex hits snag

Posted on 09:41 PM, June 29, 2010 [ BusinessWorld Online ]

THE LONG-awaited privatization of a casino-resort at Clark free port has again hit a snag, this time as the South Korean consortium Hanwool I&D being considered for the contract is being investigated.

Plans to lease out the Mimosa Leisure Estate within the year may thus be delayed although the state agency in charge said it was not in a hurry to complete the auction, an official told BusinessWorld in a chance interview last week.

“We were at the post-qualification stage,” Clark Development Corp. (CDC) Assistant Vice-President Bernardo F. Angeles, Jr. said, referring to the process before the contract for the resort’s lease and management is awarded.

“But we are now validating concerns over one of the members of the Korean consortium,” Mr. Angeles said, declining to elaborate.

Back in December 2009, the state agency had accepted the unsolicited bid of Hanwool I&D -- a joint venture among a resort developer, a pharmaceutical firm, and a venture capitalist.

The member of the consortium are: Kangwon Land, Inc., Daewoong Pharmaceutical Co. Ltd., and I&D Venture Investment Co. Ltd.

CDC then opened the auction to a “Swiss Challenge”, a process in which other bidders are invited to submit counterproposals.

Hanwool I&D, however, edged out the competition when it matched the highest counterbid, Mr. Angeles said, without citing specifics. CDC went on to check the Korean consortium’s proposal one last time before the contract’s awarding. It was at this point that the process stalled, Mr. Angeles said.

“It’s okay if it results in a failed bidding. We’re not in a hurry. It has taken long in past biddings anyway,” Mr. Angeles said in Filipino.

The 215-hectare property has been on the auction block after three failed attempts to sell it since 2003. In 2008, CDC came close to awarding the property but voided a contract with bid winner Waterfront Philippines, Inc. when the firm, unable to secure a casino operation license, did not pay on time. Waterfront Philippines would have paid P1.5 billion for the property according to its 2008 contract. -- Jessica Anne D. Hermosa

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More Gaisano malls to open in Cebu; group to spend P300M

Posted on 09:35 PM, June 29, 2010 [ BusinessWorld Online ]

CEBU CITY -- Retailer Benito S. Gaisano, this year’s Entrepreneur of the Year awardee in Cebu, is putting up three more shopping centers across Cebu province and plans to develop a mixed-use complex near existing commercial developments in Cebu City.

Mr. Gaisano, who belongs to one of five branches of the Gaisano family behind the chain of Gaisano outlets nationwide, said he would invest at least P100 million in each of the three new pocket malls carrying the brand Gaisano Grand that are being put up in Cebu.

“Sometimes, you have to go in and invest during bad times because the interest rates are usually low,” Mr. Gaisano said when asked if he was not deterred by the difficult economic times.

These new outlets will bring to 16 the total number of Gaisano Grand shopping centers in the Visayas and Mindanao. Three of these are in Mindanao while the rest are scattered all over Cebu and the Visayas.

Mr. Gaisano said he plans to put one or two more shopping centers in Mindanao next year.

The new outlet in Toledo City in western Cebu is targeted to open in the first week of July while the Minglanilla branch is expected to be opened within the last quarter of the year. Under construction is a Gaisano Grand Mall in Mandaue City.

Mr. Gaisano has also acquired a commercial arcade in Talamban in northern Cebu City, which would be torn down and replaced with a medium-rise building for another shopping center.

“This is still under study but hopefully, we can start construction within this year,” Mr. Gaisano said shortly before he received his Entrepreneur of the Year award from the Cebu Chamber of Commerce and Industry last week.

Mr. Gaisano has also acquired a three-hectare property in Banilad, near the Asiatown IT Park and Waterfront Cebu City Hotel. This is envisioned to be developed into a mixed-use complex with a shopping center and a hotel.

The Gaisano Grand Group also operates two hotels, one in Davao and another in Bacolod, aside from its retail outlets in the Visayas and Mindanao. -- Marites S. Villamor

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Cathay Land to build P2.5-billion IT Park

By BERNIE CAHILES-MAGKILAT

June 28, 2010, 5:22pm [ Manila Bulletin Online ]

The Philippine Economic Zone Authority (PEZA) has approved the P2.5 billion Information Technology park project of Cathay Land Inc. to be located within the company’s flagship project, South Forbes Golf City along the Metro Sta. Rosa-Silang-Tagaytay growth corridor.

Cathay Land president Jeffrey Ng said the PEZA approval would of its Cyberpark would entice IT locators as they will be titled to special incentives.

“As a PEZA-registered enterprise, all our locator investors are entitled to special incentives, to include an income tax holiday between four to six years among others,” Ng said.

The P2.5 B project covers 28 hectares within South Forbes’ Business Cluster, called the Cyberpark, expected to primarily attract Information Technology locators that are engaged in, but not limited to, software development and application, IT-enabled services, content development for multi-media or internet purposes, knowledge-based and computer-enabled support services, business process out-sourcing, and IT research and development.

“The Cyberpark is essential to the whole South Forbes development, being an integral part of our 5 Clusters of Excellence where the Residential Cluster works in synergy with the Education Cluster, Wellness Cluster, Leisure Cluster, and the Business Cluster where the Cyberpark is located,” Ng said.

The creation of the South Forbes Cyberpark aims to accelerate a sound and balanced social, economic and industrial development within the Municipality of Silang, Cavite and its neighboring municipalities and localities as well as uphold the potential profitability of the region.

Last July 27, 2009, South Forbes Golf City, together with Global City Innovative College (GCIC), officially started phase one of their 10-year plan to develop South Forbes City Colleges (SFCC). “The continuous growth of the industries in the region, including the locators in our very own Cyberpark, will rely on the presence of more institutions of higher learning to provide the resources of a knowledge-based economy,” said Ng.

SFCC will have modern facilities and equipped with fiber optic connectivity to ensure that the future potential applicants and enrollees will be educated and trained on an international standard.

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Freeport Area of Bataan takes over economic zone

By MAR T. SUPNAD

June 28, 2010, 5:56pm [ Manila Bulletin Online ]

MARIVELES, Bataan — The Freeport Area of Bataan (FAB) officially takes over Tuesday stock, lock and barrel the Bataan Economic Zone (BEZ) after its Implementing Rules and Regulations (IRR) was officially signed, Bataan 2nd District Representative Albert S. Garcia said Monday.

Leading the signatories in the IRR of Republic Act 9728 or the Authority of Freeport Area of Bataan (AFAB) Law, was Finance Secretary Margarito Teves.

Garcia said that the new set of officers of FAB had been officially designated with the assumption of lawyer Deo Custodio as chairman of FAB, whom he described as “a professional administrator and highly capable.”

“These set of officers of FAB are all highly-skilled administrators and managers who can transform FAB into a world-class Freeport and Special Economic Zone,” ythepointed out Garcia who principally sponsored the House Bill 5344 that gradually becames R.A. 9728.

Under the law, AFAB shall have an authorized capital stock of P2 billion with the option to increase capitalization, saying that an initial P500-M yearly will operate the FAB, Garcia explained.

The congressman expressed optimism that with the creation of the FAB this Freeport will see a boom in foreign investments and rise as the next major center for commerce in the country.

“In fact, a number of big time investors have already talked to us and showed keen interest in investing here with the various tax incentives and other benefits that the government will offer to them,” he said.

Governor Enrique “Tet” Garcia predicted that the newly-created FAB will generate at least 100,000 jobs and expressed excitement on the multiplier effect on the economy upon every investment when the Freeport goes into full operation.

Mayor Jesse Concepcion of this host town described the creation of the FAB as miracle for his administration as it would boost development and progress in this town.

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ALI to launch condo project in Global City

By Zinnia B. Dela Peña (The Philippine Star) Updated June 28, 2010 12:00 AM

MANILA, Philippines - Enjoying brisk sales at One Serendra, property giant Ayala Land Inc. (ALI) will launch next month the second luxury high-rise condominium project within the 12-hectare development located at the eastern section of the booming Bonifacio Global City.

The 52-story West Tower, which will be the last installment of the major phases that will complete One Serendra, will house a total of 372 one bedroom, two bedroom and three-bedroom units with sizes ranging from 69 square meters to 227 square meters. Turnover of the units is slated in the third quarter of 2015.

Units may likely be priced at P135,000 to P140,000 per square meter.

Launched in March 2008, the 42-story East Tower, which comprises 283 units, is the first of two high-rise structures that make up the final phase of One Serendra. Turnover of the units has been set in the second quarter of 2012.

One Serendra offers a luxury of space with its bigger unit sizes and low-density development, together with themed gardens and such country club-like amenities as an exclusive spa.

One Serendra is under Ayala Land Premier, the high-end business unit of ALI.

Aside from One Serendra, Ayala Land Premier’s other products include Abrio in Nuvali in Laguna, Westgrove Heights, located along the rolling hills of Silang Cavite; Anvaya Cove, seaside villas and leisure lots in Bataan; Montecito, a high-end residential subdivision in Old Canlubang; and Ayala Greenfield Estates in Calamba, Laguna.

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Robinsons Galleria undergoes expansion, facelift

[ Malaya.com.ph ] June 28, 2010

Robinsons Land Corp. (RLC) at the weekend said that it plans to expand its Robinsons Galleria mall in Pasig by almost 100,000 square meters, to bring the total gross leasable area to 196,000 sq.m. This is expected to increase the mall’s tenants to 450 from the current 395.

Full occupancy is expected by next year.

RLC said "loyal patrons and regular shoppers can expect a bigger and more modern shopping mall. "

The redevelopment is expected "to synergize with the changing needs of shoppers and keep up with demand from its growing market."

"The ongoing redevelopment project will further enhance the appeal of our flagship Robinsons Galleria mall which is an integral component of the first mixed-use development in the area" said RLC president Frederick Go, adding that the mall continues to be the most strategically located since it is right at the vibrant intersection of EDSA and Ortigas Avenue.

Go said the project is also meant to meet the growing demands of the market which now includes working moms, employees of business process outsourcing companies, and residents from nearby residential condominiums and subdivisions.

"We are increasing space for retail outlets to make Robinsons Galleria more appealing to those who may want to look for a place to go to after work, and also to accommodate new retail players and formats, " he said.

The bulk of the renovation and expansion work will be at the second level.

Renovation will also result in the creation of the Sports Loop and Jumpstreet, which are retail specialty zones catering to the active individuals and moms with young children.

Also up for improvement will be the mall’s façade, a new tech lounge while more features will be added to improve access for the disabled. Valet parking may also be offered.

The construction work will take a total of six months with the Sports Loop and Jumpstreet expected to be operational by September while the Veranda will be ready to serve customers by December or January next year.

"All these are meant to give Robinsons Galleria a more refreshing and vibrant feel as we position the mall as the premier destination in the area," said Go adding that most of the current retail stores in Galleria have also been renovated based on new standards introduced by the mall management.

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Bourse approves REIT listing rules

Posted on 07:48 PM, June 25, 2010 [ BusinessWorld Online ]

THE PHILIPPINE Stock Exchange (PSE) has approved listing rules for real estate investment trusts (REIT), paving the way for the creation of these new investment instruments.

In a statement Friday, the bourse said the rules, which were approved Wednesday, should spur the interest of the investing public on REITs, which will use pooled capital of investors to buy and manage income-generating property and mortgage loans.

"We are optimistic that the launch of REITs in the Philippines will generate significant interest from investors both here and abroad as real estate prospects are looking good given that the economic recovery is expected to promote commercial activity and restore investor confidence," Val Antonio B. Suarez, chief operating officer of the PSE, said in the statement.

The REIT listing rules will be endorsed to the Securities and Exchange Commission (SEC) for approval.

Under the rules, a REIT company is required to have 1,000 shareholders holding 50 shares each and a minimum P300 million in capital.

Last month, the SEC approved the final rules that will implement the REIT, whose legal basis is Republic Act No. 9856 which lapsed into law last December.

Mr. Suarez said the property market will benefit from low inflation "that will keep the prices of goods stable and keep the patronage of retail malls steady."

"The residential property market shall also remain upbeat due to the steady increase in remittances of overseas Filipinos," Mr. Suarez added.

The listing procedures state that:

    * a REIT must be a stock corporation with income-generating real estate assets;

    * it must also have a dividend policy of distributing annually at least 90% of profits to shareholders;

    * at least 75% of the deposited property of the REIT must be invested in, or consist of, income-generating real estate; and

    * at least one-third of the board of directors of a REIT must be independent directors.

Property giants have already expressed interest to acquire funds through the new investment vehicle. SM Prime Holdings, Inc., the country’s largest mall operator, last week said it was looking to raise as much as $600 million through a REIT. Last month, Ayala Land, Inc. also said it wanted to raise $300 million from REITs.

Mr. Suarez said that in 2009, the aggregate market capitalization of listed firms engaged in real estate jumped by 56.5% as markets recovered and stock valuations increased. "The current economic conditions coupled with the appropriate legal and regulatory framework in place creates a very conducive environment for the launching and introduction of REITs in the Philippine market," he added. -- Neil Jerome C. Morales

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Two-decade-old Robinsons mall to get a facelift

Posted on 07:47 PM, June 25, 2010 [ BusinessWorld Online ]

GOKONGWEI-LED property developer Robinsons Land Corp. is redeveloping its flagship Robinsons Galleria mall in Ortigas Center until early next year.

The facelift is expected to keep the 20-year old mall in step with shifting demands of customers. Bulk of the renovation and expansion work will be at the second level, where the parking lot will be converted into a veranda that will have restaurants to cater to families during weekends. It will also be a "hangout place" for professionals, the firm said in a statement.

"We are increasing space for retail outlets to make Robinsons Galleria more appealing to those who may want to look for a place to go to after work, and also to accommodate new retail players and formats," Robinsons Land President Frederick D. Go said in the statement.

With the redevelopment, area for lease in Robinsons Galleria will expand to almost 100,000 square meters (sq. m.) from 96,000 sq. m. Tenants will also increase to about 450 from 395. Full occupancy is expected by next year.

"The ongoing redevelopment project will further enhance the appeal of our flagship Robinsons Galleria mall, which is an integral component of the first mixed-use development in the area," Mr. Go added.

The renovation will allow the mall to cater to new markets, which include working moms, employees of business process outsourcing companies, and residents from nearby residential condominiums and subdivisions, the firm said.

Under the renovation plan, the property developer will create a "Sports Loop" and "Jumpstreet," which will host retailers catering to the "active individuals" and moms with young children, respectively. A new technology lounge will also be opened.

The Sports Loop and Jumpstreet are expected to be operational by September while the veranda will serve customers by December or January next year.

The property developer has allotted P9 billion for capital spending this year, of which 40% will be for the construction of new malls.

Shares in Robinsons Land, whose profits dropped by 2.78% to P926.92 million in the first quarter, were unchanged on Friday at P14.50 each. -- Neil Jerome C. Morales

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Anchor Land allots P3 billion for expansion this year

By Zinnia B. Dela Peña (The Philippine Star) Updated June 25, 2010 12:00 AM

MANILA, Philippines - Anchor Land Holdings Inc., a premier developer of luxury condomi-niums in Manila, is working at full throttle to launch new projects and phases of existing ones that would require investments of P3 billion this year.

On the sidelines of the company’s annual stockholders meeting yesterday, Anchor Land vice-chairman Steve Li said the company will begin in the third quarter the construction of Phase 2 of SoleMare Parksuites, two 18-story towers with a total of 815 units. The second phase, which will rise on a 1.3-hectare lot at the Aseana Business Park in Paranaque, is expected to cost around P2 billion, he said.

“We are very pleased with the strong take-up of the first phase of SoleMare, which has become our top selling project. That’s why we’re launching Phase 2,” he said. The first phase rolled out a total of 916 units.

Li said the company has already started the construction of Anchor Park Suites, a 56-story residential condominium expected to be one of the tallest buildings in the Chinatown district. The project, with a development cost of P3 billion, will offer a total of 330 two-to five-bedroom units with a floor area of between 95 square meters to 250 square meters. It is slated for completion in 2014.

Another project under construction is the 39-story Wharton ParkSuites, also in Chinatown.

Li said the company will also launch within the year Clairemont Hills, a combination of 15 storys of twin towers and eight single-detached units to rise on about 6,000 square meters of land in Alfonso Trece in San Juan City. This would mark the firm’s foray into luxury single-detached housing development.

In addition, Anchor Land will start the redevelopment of the historic Admiral Hotel on Roxas Boulevard into a boutique residential hotel called the Admiral Baysuites with a project cost of P4 billion.

To diversify its revenue stream, the company started leasing out stall spaces in its One Shopping Center in Pasay City, a development patterned after the warehouse shopping concept. By end-2009, all stalls in One Shopping Center have been leased to wholesalers.

One Shopping Center is set to open next month while Two Shopping Center will make available a total of 50,000 square meters of gross leasable space when completed in end-2011 or early 2012.

Li said he is optimistic 2010 will be another good year for the company, pointing out that Anchor Land has been posting a 50 percent spike in net earnings since it listed on the stock exchange in 2007. Last year, the company reported a net income of P372.82 million, up 57.76 percent from P236.31 million on the back of a 19.85 percent jump in revenues to P1.63 billion.

Li said Sybase Equity Investments Corp., a private company owned by retail tycoon Henry Sy, holds a 20 percent stake in Anchor Land.

He added the company is financially healthy, awash with proceeds from a recent bond issue amounting to P1 billion.

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Ortigas & Co. unit enters leisure farm business

Friday, 25 June 2010 00:00 [ manilatimes.net ]

Concrete Aggregates Corp. (CAC) said it would venture into the real estate business with the development of an idle property in Batangas into a leisure farm. During its stockholders’ meeting, Noel Rapadas, CAC general manager, told reporters that the company will invest P100 million to develop a 10-hectare property in Santo Tomas, Batangas.

“In 2011, when the revenues come from the leisure farm, it should bring up [the company’s] revenues to P100 million levels,” Rapadas said.

To optimize this business venture, CAC would tap the services of a farm school and an agricultural products distributor to provide linkage between farmers and their market.

The school system under this business model would provide free education for 30 to 40 students who would earn a two-year vocational certificate in agriculture.

Lot owners will have 75 percent of their land tended by farm school students, growing high value crops or greenhouse vegetables. The agricultural distributor would be in charge of repackaging, shipping, and introducing the produce to markets.

Rapadas said CAC is still talking to prospective distributors.

“This is what sets our business model apart from most leisure farms: our provision of both linkages to the market and technical education,” he said.

The leisure farm project is part of CAC’s plan to cash in on its idle properties.

A unit of Ortigas & Co. Ltd. Partnership, CAC shares were last traded on May 13 at P38 each.

KRISTA ANGELA M. MONTEALEGRE

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NHMFC’s mortgage bond ratings affirmed

Posted on 08:16 PM, June 23, 2010 [ BusinessWorld Online ]

LOCAL CREDIT rater Philippine Ratings Services Corp. (PhilRatings) is maintaining its ratings for the “Bahay Bonds” issued by state-run National Home Mortgage Finance Corp. (NHMFC) last year.

In a statement yesterday, PhilRatings said the P1.542-billion Class A Senior Notes are still rated at PRS Aa, while the rating for the P310.898-million Class B Subordinated notes, retained by the NHMFC for its own account, is still PRS Baa.

The senior notes were sold to the public, while the Class B notes were kept by NHMFC for liquidity purposes.

The NHMFC’s “Bahay Bonds,” are the first mortgage-backed bonds sold in the country. They are backed by about 12,000 premium residential mortgage loans extended by the government.They will mature in 2014.

“Obligations rated ‘PRS Aa’ are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitment on the obligation is very strong,” PhilRatings said in the statement.

It said that PRS Baa-rated issues have adequate protection parameters but adverse economic conditions and changing circumstances may lead to a weakened capacity of the obligor to meet its financial commitment.

PhilRatings noted that the NHMFC’s standby liquidity facilities comply with the required reserve amounts, which assures uninterrupted payment of the taxes, expenses as well as the interest and principal on the senior notes. -- L. D. Desiderio

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