ROCKWELL Land Corp. is extending the expiration date of its long-term debt which it has been using to finance capital expenditures.
In a disclosure to the stock exchange Friday, the property developer said its board approved on Thursday moving the expiration date of its P5-billion long-term loan facility to Dec. 31, 2025 from Dec. 10, 2022.
“The proceeds of the loan will be used to fund capital expenditures, company acquisitions and investments,” it said.
In 2016, the company announced it was taking on the loan facility of up to seven years with Metropolitan Bank and Trust Co. It did not provide details of the long-term debt.
Rockwell Land earlier said it is allocating P12-14 billion for capital expenditures this year, which it will use to support several expansion projects.
Some of these are the Benitez Suites in Quezon City; the second tower of East Bay Residences by Rockwell Primaries in Sucat, Muntinlupa; and an eight-tower, mid-rise residential complex in Bacolod.
It is also launching in the fourth quarter Rockwell South at Carmelray in Canlubang, Laguna, which is the company’s first horizontal development project. It will be joining a joint venture with the Yulo family’s Carmelray Property Holdings, Inc. and San Ramon Holdings, Inc. for the project.
With these developments rolling out this year, Rockwell Land said it is expecting to raise P10 billion in sales by the end of 2019.
“After several launches in the second half of 2019, we are optimistic about more geographic growth in the years after that will allow us to create new Rockwell communities in new markets…,” Rockwell Land President and Chief Executive Officer Nestor J. Padilla said in a briefing in May.
Rockwell Land rose 0.85% or P0.02 to P2.38 on Friday. — Denise A. Valdez
