Robinsons Land Corp., the property giant controlled by the Gokongwei family, is raising up to P15 billion from the sale of long-term bonds.
The builder, part of the family-led conglomerate JG Summit Holdings, is planning to raise P10 billion to P15 billion. The bonds would have maturities from three to five years, a stock exchange filing showed.
Other details have yet to be finalized. Robinsons Land chair Lance Gokongwei or company president and CEO Frederick Go were authorized by the board to negotiate and approve the final terms, the filing showed.
The builder said BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp. and SB Capital Investment Corp. would arrange the fundraising deal.
The offer would mark the first transaction from its long-term shelf registration of P30 billion in bonds.
It also comes as the builder pursues aggressive expansion this year given the downtrend in COVID-19 infections, paving the way for the faster reopening of the economy, thus benefiting the badly hit shopping mall and hotel segments.
For 2022, Robinsons Land is setting aside P25.5 billion to build more homes, malls and offices.
“We believe that revenge spending and revenge travel, as broader restrictions are gradually lifted, will provide the much needed boost in the recovery of our retail and hospitality businesses,” Go said during the company’s annual meeting last May 12.
“Our offices, meanwhile, will benefit from the return to work strategies … For our residential business, we are preparing to launch projects to address pent-up demand,” he added. —Miguel R. Camus
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