Roxas and Company Inc. (RCI) has secured a loan facility of nearly P2 billion from China Banking Corp. to refinance existing debt and support general corporate requirements.
In a regulatory filing on Monday, RCI said it entered into an omnibus loan and security agreement with the Sy family-led bank on Aug. 20.
Under the agreement, China Bank will extend a term loan facility with an aggregate principal amount of up to P1.93 billion.
‘The proceeds will be used to refinance the company’s and its subsidiaries’ existing loan obligations and for general corporate purposes,’ the company said.
The disclosure did not provide details on the facility’s interest rate, maturity, repayment schedule or the specific loan obligations that would be refinanced.
The company has an authorized capital stock of P3.38 billion in common shares and 1 billion in preferred shares.
It reported 2.91 billion issued shares, including about 2.8 billion common shares.
The new financing comes as RCI moves to restructure its existing loan obligations while keeping additional funds available for its broader corporate needs.
The company did not disclose how much of the P1.93-billion facility would be allocated to refinancing versus general corporate purposes