Rockwell Land Inc., the real estate unit of the Lopez Group, is borrowing P15 billion to fund capital expenditure program and finance maturing debt.
Rockwell Land said in a disclosure to the stock exchange Friday its board of directors approved a P10-billion long term loan facility of up to P10 billion with BDO Unibank Inc. of the Sy Group.
It also approved a P5-billion long-term loan facility of up to 10 years with Philippine National Bank.
Rockwell Land earlier reported that it would spend up to P14 billion in capital expenditures in 2019 primarily for project development and some land acquisitions.
It also lined up three project launched this year that will generate up to P16.7 billion in revenues.
Rockwell will launch an P8-billion high-end residential development in Bacolod City.
The 10.9-hectare development will feature eight mid-rise residential buildings plus retail and activity area.