Rockwell Land to issue P10-B notes

MANILA, Philippines - Rockwell Land Corp., an upscale real estate firm owned by the Lopez family, has approved the issuance of up to P10 billion worth of corporate notes to pay down loans and beef up its landbank.

In a disclosure to the Philippine Stock Exchange, Rockwell said it has tapped First Metro Investment Corp. and PNB Capital & Investment Corp. as joint lead arrangers for the notes issue.

About P4 billion of the proceeds will be used to refinance the firm’s existing loans while the balance of up to P6 billion will be set aside for land acquisitions and capital expenditures.

Rockwell is embarking on an aggressive expansion program aimed at doubling its earnings to P2.2 billion by 2014.

Among its projects in the pipeline include The Proscenium, a mixed-use complex to rise on the former site of Colgate-Palmolive Philippines; The Grove, a mid-rise residential condominium in Pasig, and the luxurious 50-story Edades building in Rockwell Center which will offer six floors of serviced apartments.

Rockwell expects to end the year with P1.1 billion in profit, up 20.2 percent from P914.9 million in 2011.