FILE PHOTO
MANILA, Philippines – Property developer Rockwell Land Corp. has obtained approval from the Securities and Exchange Commission to embark on a P5-billion retail bond offering.
The SEC approved Rockwell’s registration statement covering P5 billion worth of unsecured fixed rate peso retail bonds with a tenor of seven years and one quarter, based on documents from the corporate regulator.
Interest rate on the proposed bond offer will be determined based on an interpolated 7.25-year Philippine Dealing System treasury-fixing benchmark rate and an estimated spread of 125 to 175 basis points.
The issue manager for this offering is First Metro Investment Corp. while the joint lead underwriters are FMIC and SB Capital & Investment Corp.
Proceeds from the offering are intended for capital spending for the remainder of this year and for 2014, primarily for its upscale Proscenium development. These will cover expenditures not covered by funding raised from the P10-billion corporate notes drawn this year.
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