Robinsons Land to raise P2B through notes placement

ABS-CBN News

Posted at Jun 05 2008 06:07 PM | Updated as of Jun 06 2008 02:07 AM

Property developer Robinsons Land Corp. of the Gokongwei clan announced on Thursday a plan to raise P2 billion via the placement of corporate notes with no more than 19 institutional lenders.

In a letter to the stock exchange, the company said the notes would carry a term of five years and one day.

Robinsons Land has appointed HSBC Limited as the lead manager for the placement, distribution and sale of the notes.

"The proceeds from the issuance will be utilized for capital expenditures of the company."

Robinsons Land earlier said it was spending P10 billion this year, most of which would go into commercial malls. The rest of the amount would be spent on building four residential condominiums, six housing projects and two office buildings catering to the business process outsourcing sector.

Over a period of five years, the company will pour P12 billion into the construction of 16 malls.

Two of the malls will rise in Pulilan, Bulacan and Cabanatuan city, Nueva Ecija in the next few months.