PROPERTY developer Alphaland Corp. said it borrowed P5.5 billion from BDO Unibank Inc. to mainly refinance its existing debt obligations and fund its projects.
In a statement on Friday, Alphaland said it signed a seven-year loan facility with BDO, P4 billion of which will settle all of Alphaland’s existing loans, while the balance of P1.5 billion will be set aside for its new projects.
Alphaland said it existing bank loans will mature within the next two to three years and the seven-year term loan from BDO — with a one-year grace period — will improve its financial position, not to mention the more favorable interest rates compared to loans with other banks.
“We very much welcome this vote of confidence from the largest bank in the country, and Alphaland looks forward to many years of having BDO as their principal financier,” Alphaland Chairman Roberto V. Ongpin said.
The company said the collateral for the seven-year term loan includes Alphaland’s known projects, which are Alphaland Southgate Tower Mall, Balesin Island Club, Alphaland Makati Place, and a properties in Silang and Carmona, Cavite.