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.
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.
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.