The Securities and Exchange Commission approved the P12-billion fixed-rate bond sale of property developer Robinsons Land Corp.
Documents filed with the SEC showed Robinsons Land would issue P10 billion worth of bonds with an oversubscription option for an additional P2 billion. The company did not provide timetable for the bond sale.
The company plans to use proceeds from the fund raising activity to finance maturing debt and partially fund the P17-billion programmed capital spending for fiscal year 2015.
Robinsons Land said it would settle P8.1 billion worth of short-term loans via the bond sale and use the balance of P3.9 billion from the proceeds for capital expenditures.
It said of the P17 billion spending for this year, 66 percent would be allocated for construction of malls, office buildings and hotels while 23 percent would be spent for the residential division and the remaining 11 percent for land acquisitions.
Robinsons Land said it would open three shopping malls in Las Pinas, Antique and Cebu for fiscal year 2015 covering October 2014 to September 2015.