ROCKWELL Land Corp. said its board of directors had given the go signal for the firm to enter into a P5-billion long-term loan facility with BDO Unibank, Inc. in a bid to partly finance its capital spending requirements.
In a disclosure to the local bourse on Thursday, the Lopez-led property developer said the loan will have a repayment schedule of up to 10 years.
“[This will] partially fund capex (capital expenditures) and other general corporate requirements,” it said.
Rockwell Land provided no further details in its regulatory filing.
Two years ago, the company’s board of directors approved to avail a P10-billion loan from BDO and P5 billion from Philippine National Bank. The funds were earmarked for its capital spending requirements and to repay its debts.
Rockwell is engaged in the development of high-rise condominiums as well as in retail and office leasing. The firm’s segments cover residential development, commercial development, and hotel operations.
Shares in Rockwell Land at the local bourse inched down by 3.12% or five centavos to finish at P1.55 apiece on Thursday.
Article was originally published in Business World and written by Angelica Y. Yang.
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