Prime property developer Rockwell Land Corp. is set to borrow up to P5 billion from Metropolitan Bank and Trust Co. (Metrobank) to fund its various capital expenditures, the company said on Monday.
In a disclosure to the Philippine Stock Exchange, Rockwell Land said its board of directors approved on February 19 the property firm’s availing of a bilateral long-term loan facility with Metrobank worth up to P5 billion with a maturity period of five, seven or 10 years.
“At the regular meeting of the Board of Directors (BOD) of the corporation held today, the BOD approved the availment of a 5, 7 or 10 years bilateral long-term loan facility with Metrobank of up to P5 billion to fund various capital expenditures,” the disclosure said.
Rockwell Land is engaged in residential and commercial development. It has five wholly-owned subsidiaries, namely: Rockwell Integrated Property Services, Inc.; Rockwell Primaries Development Corporation; Stonewell Development Corporation Inc.; Primaries Properties Sales Specialist Inc.; Rockwell Hotels & Leisure Management Corporation; and Retailscapes Inc.