16. Loans Payable In May 2010, ADI entered into a loan agreement with Bank of Commerce (BOC) for the amount of = P128.0 million to finance ADI’s working capital requirements. The said loan is subject to 8.5% annual interest, which is payable quarterly. ADI’s property in Silang, Cavite was used as collateral for the loan. The loan has been fully settled in May 2011. On March 29, 2012, ABIRC entered into a credit line agreement with BOC amounting to = P2,000.0 million to finance the former’s capital expenditures for its Island Club project. Each drawdown is payable through promissory notes issued on the same date, with maturity of up to 180 days. Interest, depending on the bank’s prevailing rate on the date of each drawdown, is payable quarterly in arrears. The loan facility is secured by the following: a) real estate mortgage over the lots in Balesin Island; b) Continuing Suretyship Agreement with ALPHA; and c) Deed of Pledge covering 1,000 ABICI preferred shares held by ABIRC. Of the outstanding balance of = P2,000.0 million, = P500.0 million matured in January 2013 and was renewed for another term of 90 days. The remaining balance comprising of P =490.0 million, P =603.0 million and = P407.0 million promissory notes, will mature in March, May and June 2013, respectively. As of December 31, 2012, the total value of the collateral amounted to = P4,549.0 million (see Notes 11 and 12). Interest expense on loans payable amounted to P =49.4 million, P =3.9 million and P =6.9 million in 2012, 2011 and 2010, respectively (see Note 21). 17. Long-term Debt Borrower ADI AMPI AMTI
2012 Current Noncurrent Total P =202,573,734 P =873,162,647 P =1,075,736,381 19,295,000 1,709,150,134 1,728,445,134 8,110,000 1,566,681,592 1,574,791,592 P =229,978,734 P =4,148,994,373 P =4,378,973,107
2011 Current Noncurrent Total =193,750,100 = P P1,037,501,100 P =1,231,251,200 – 824,372,687 824,372,687 – 971,842,415 971,842,415 =193,750,100 P P =2,833,716,202 = P3,027,466,302
ADI On September 11, 2008, ADI entered into an OLSA with the Development Bank of the Philippines (DBP), Land Bank of the Philippines (LBP) and Bank of the Philippine Islands (BPI) for a loan facility of = P1,400.0 million for the purpose of funding the development of Alphaland Southgate Tower. On September 18, 2008, ADI made the first drawdown amounting to = P660.0 million. The second and third drawdown amounting to = P380.0 million and = P360.0 million, respectively, were made on February 24, 2009 and May 25, 2009, respectively. The loan has a term of seven years from initial drawdown date, payable in 20 consecutive quarterly installments commencing at the end of the ninth quarter from the initial drawdown date. Interest, which is based on floating rate equivalent to applicable three-month PDEx rate plus 1.75% spread per annum, is payable quarterly. On May 18, 2012, ADI entered into an OLSA with BDO Unibank, Inc. for a loan facility of =1,187.5 million for the purpose of refinancing the existing OLSA with DBP, LBP and BPI by P way of a loan take-out. The loan was drawn on June 8, 2012. The relevant terms under the refinanced loan are the same with the existing OLSA except for the term of five years.
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