MANILA - The property arm of the Lopez group is poised to tap the debt market to raise funds for land banking activities and debt refinancing.
In a disclosure to the Philippine Stock Exchange, Rockwell Land Corp said its board approved the issuance of a maximum of P10 billion worth of corporate notes.
Up to P6 billion will finance land banking initiatives and capital expenditures, while about P4 billion will be used to refinance the company's existing loans.
First Metro Investment Corp and PNB Capital were tapped as joint lead arrangers of the transaction.
Rockwell's net income grew 15 percent to P706.4 million in the nine-month period ending September from the previous year's P615 million even though consolidated revenues were flat at P3.9 billion.
The property developer expects net income to hit P1.1 billion and double this to P2.2 billion by 2014.
Rockwell is spending P26.3 billion for the development of a new mixed-use complex at the site of the former Colgate-Palmolive Philippines and the 205 Santolan by Rockwell project in Quezon City.
In May, Rockwell joined the bourse through listing by way of introduction. Through this listing method, a company can have its existing shares traded on the bourse without having to raise fresh capital.
source: interaksyon.com
