MANILA, Philippines – The property arm of JG Summit, Robinsons Land Corp., is planning to issue up to P15 billion in corporate bonds over the next few months to refinance maturing debt and for capital spending.
If the issuance of the bonds pushes through, it will replace the P10 billion bonds maturing in the second half of the year.
"We want to secure long term financing while there is still relatively reasonable rates," JG Summit president and chief operating officer Lance Gokongwei said.
Robinsons Land earlier said it has set aside P16 billion in capital expenditures for the fiscal year 2014 for new mall and residential projects as well as land acquisition for future development.
Around 80 percent of the capital spending is allocated for malls, office buildings and hotels while the remaining 20 percent will be spent for residential condos and housing units.
Robinsons Land also said it is building seven new shopping malls for the fiscal year 2014.
The property firm is operating 32 shopping malls nationwide with a gross floor area of 1.71 million square meters.
Two new office buildings under Robinsons Land in Ortigas are also scheduled to be completed this year.