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SEC oks RLC’s P20B bond float

/ 01:35 PM June 26, 2020

Robinsons Land Corp. (RLC)

The Securities and Exchange Commission (SEC) has approved a plan by Gokongwei-led property developer Robinsons Land Corp. (RLC) to raise up to P20 billion from a public offering of fixed-rate bonds.

The base offering size is P10 billion with an oversubscription option for another P10 billion, the SEC said in a press statement on Friday.

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RLC will offer the fixed-rate bonds two series: series C bonds due 2023 and series D bonds due 2025.

The property developer will use the net proceeds to: partially fund its capital expenditure budget for 2020 and 2021; partially repay short-term loans maturing in the second half of 2020; and, fund general corporate purposes including, but not limited to, working capital.

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The capital expenditure budget covers the expansion of the company’s investment and development portfolios, particularly the completion of new and/or the expansion of existing malls, offices, hotels, industrial facilities and residential properties, as well as the acquisition of land in various strategic locations across the country.

The fixed-rate bonds – which have received the highest rating of “PRS Aaa” rating from the Philippine Rating Services Corp. – will be listed and traded on the Philippine Dealing & Exchange.

BDO Capital & Investment Corp., BPI Capital Corporation, China Bank Capital Corporation, First Metro Investment Corporation and Standard Chartered Bank act as joint lead underwriters and bookrunners for the offer.

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TAGS: RLC, Robinsons Land Corp, SEC, Securities and Exchange Commission
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