By Jenniffer B. Austria | May. 21,
2014 at 12:01am
Robinsons Land Corp. of retail tycoon
John Gokongwei is no longer keen on issuing corporate bonds this year to
refinance maturing obligations and partially fund P16 billion in capital
spending.
Robinsons Land senior vice president
BJ Sebastian said in a text message the company will use internal cash and tap
bank loans to finance P5 billion in bonds maturing in July and another P5
billion due in August.
“There will be no bond offering for
RLC. We will use bank loans and internal cash [to financing maturing debt],”
Sebastian said.
Robinsons earlier expressed plans to
issue between P10 billion and P15 billion in corporate bonds to replace
maturing ones and partially finance capital expenditures for the year.
The property company has earmarked P16
billion in capital expenditures for the current fiscal year 2014 to roll out
new shopping malls and residential projects and finance land acquisition for
future development.
Robinsons Land has allotted at least
20 percent of the budget for residential condominiums and housing units and 80
percent for malls, office buildings and hotels.
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