Posted on February 08, 2015 09:50:00
PM [ BusinessWorld Online ]
By Daphne J. Magturo, Reporter
REGULATORS have approved a plan of
Robinsons Land Corp. to raise up to P12 billion from a bond offer to partly
finance its P17-billion spending budget for this year, the Securities and
Exchange Commission (SEC) said over the weekend.
“The Registration Statement of
Robinsons Land was approved in yesterday’s commission meeting,” Gerard M.
Lukban, SEC commission secretary, said in a mobile phone reply on Friday.
The listed real estate investment arm
of conglomerate JG Summit Holdings, Inc. will offer fixed-rate bonds worth P10 billion,
according to a regulatory filing dated Feb. 3, a copy of which was sent by the
SEC to reporters on Friday.
Robinsons Land has an option to sell
another P2 billion to its arrangers BDO Capital and Investment Corp., Hongkong
and Shanghai Banking Corp. Ltd., SB Capital Investment Corp. and Standard
Chartered Bank.
The company has yet to announce the
timetable for the offer, although it said in its prospectus that the bonds will
have seven and 10-year maturities and will be priced at a premium over secondary
market rates.
“The net proceeds of the Bonds will be
utilized to refinance P8.10 billion worth of short-term debt maturing in the
first quarter of 2015 while the remainder will be used to partially finance the
Company’s capital expenditure requirements for 2015 and which will be disbursed
within the first two quarters of 2015,” the document read.
The Gokongwei-led company earmarked
P17 billion in capital expenditure for the year ending September, a portion of
which will be used to open three new malls in Las Piñas City and the provinces
of Antique and Cebu.
Robinsons will also expand its mall in
Novaliches, a branch of Summit Hotel in Quezon City, and a Go Hotel in Butuan.
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