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Federal Land borrows P5b

By Jenniffer B. Austria | Posted on Jul. 06, 2013 at 12:01am
[ manilastandardtoday.com ]
Federal Land Inc., the property development arm of the GT Capital Holdings Inc., said Friday it signed a P5-billion corporate note facility agreement with a syndicate of institutional lenders.
GT Capital, owned by tycoon George Ty, said in a disclosure to the stock exchange it raised the issue size from the original P3 billion because of strong demand from institutional investors.
Lenders were composed of banks, insurance companies, pension funds and trust institutions.
GT Capital plans to use the proceeds from the issue, which consists of seven- and 10-year fixed rate notes, for ongoing projects, working capital and general corporate purposes.
First Metro Investment Corp. was the sole arranger and book runner of the notes issuance.
“The timing of this debt raising is excellent, as it enables Federal Land to capitalize on the robust real estate demand fueled by the strong economic wave currently enjoyed by our country,” Federal Land president Alfred Ty said.
“Against the backdrop of strong economy, we have maintained a steady surge in market demand for our high end, middle end and affordable projects, from the western part of Metro Manila to the eastern section. The fundamentals of our company remain sound and we are committed to maintain this course,” Ty said.
Federal Land earlier said it earmarked P12 billion in capital expenditures for this year to launch new residential, office and commercial development projects.
One of the projects to be launched this year is the Blue Bay Walk, a retail development along Roxas Boulevard in Pasay City that will offer 30,000 square meters of leasable area.
The first phase of the project is scheduled for completion before the end of the year.
The company plans to introduce another 15-story office building within the 37-hectare property in Pasay City. The office building will offer 25,000 square meters of leasable area that will target business process outsourcing companies.
The property company is also studying possibility of putting up retail and office developments within a 10-hectare property in Fort Bonifacio Taguig City.
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