Quantcast

Rockwell Land to issue P10B in corporate notes

By |

Upscale property developer Rockwell Land Corp. is raising up to P10 billion from the offering of debt paper to selected institutional investors.

In a disclosure to the Philippine Stock Exchange on Tuesday, Rockwell said it had obtained the approval of its board for the issuance of up to P10 billion in corporate notes.

The company has mandated First Metro Investment Corp. and PNB Capital and Investments Corp. to arrange the issuance.

In the disclosure, Rockwell said P4 billion of the proceeds from the debt issuance would be used for refinancing. About P6 billion, it said, would be used to finance various land acquisitions and capital expenditures.

Unlike retail bonds, which are sold through a public offering and must go through a more tedious regulatory approval process, corporate notes are a quicker fund-raising option for top-tier corporations as they are sold to no more than 19 selected institutional investors.

Rockwell did not disclose the maturity of the debt issue and the cost of borrowing.

The last time the company issued corporate notes was in April 2011, the issuance was worth P4 billion with a seven-year tenor.

The company earlier announced plans to pursue more high-value projects in both Makati City and Quezon City.


Follow Us







Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace