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Robinsons Land not pursuing bond sales

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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