Robinsons Land Corp. plans to issue a maximum of P15 billion worth of fixed-rate retail bonds.
Robinsons Land said in a disclosure to the stock exchange its board approved the issuance of P10 billion in peso bonds with an oversubscription option of up to P5 billion.
The bond issue will be subject to the requirements of the Securities and Exchange Commission and the rating process of Philippine Rating Services Corp.
No other details were provided, including timetable of the offering and the use of proceeds.
Robinsons Land earmarked P27 billion in capital expenditures this year, mainly to fund the expansion of leasing and residential projects, as well as land banking activities.
This year’s programmed capital spending is slightly higher than the P25.4 billion spent by the company in 2019.
The property company is scheduled to open one new mall in La Union this year and complete the expansion of Dumaguete and RP Antipolo malls. These mall opening and expansion will increase leasable space by three percent to 1.618 million square meters from 1.573 sq. m. as of end 2019.
On office development, the property firm is set to complete four new buildings that will boost office leasing place by 14 percent to 677,000 sq. m. by the end of 2020.
For the group’s hotel division, it will open four new hotels, namely Summit Naga, Go Hotel Naga, Go Hotel Tuguegarao and Westin.
The opening of four new hotels will boost the company’s hotel portfolio to 3,626 room keys by the end of 2020 from 3,129 in 2019.
Robinsons Land reported earlier reported that net income climbed six percent in 2019 to P8.69 billion from P8.22 billion in 2018.
Consolidated revenues rose 3.4 percent to P30.58 billion from P29.56 billion in the previous year, mainly driven by increasing recurring rental businesses.
Investment portfolio contributed 69 percent of the company’s total consolidated revenues P21.14 billion while development portfolio took up 31 percent of the total revenues of P9.45 billion.