Gokongwei-led property giant Robinsons Land Corp. is preparing to sell up to P15 billion in bonds covering half of its long-term debt program.
This was after the Securities and Exchange Commission approved the builder’s bond registration worth up to P30 billion. Robinsons Land may offer the bonds over several tranches within three years, the corporate regulator said.
The initial sale would involve P10 billion for Series E bonds due 2025 and Series F bonds due in 2027. Moreover, the developer is providing a P5 billion oversubscription option. No offer date was mentioned.
“Proceeds will be used to fund the development of malls, hotels and resorts, logistics and industrial facilities, as well as projects under Robinsons Land’s residential and integrated developments divisions,” the SEC said.
“A portion of the proceeds will likewise go to land acquisition, repayment of short-term loans, and general corporate purposes,” it added.
BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., and SB Capital Investment Corp. were hire as joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.
The bond will be listed on the Philippine Dealing & Exchange Corp.