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SEC okays RLC’s P20-B bond offer

By James A. Loyola

The Securities and Exchange Commission (SEC) has approved Robinsons Land Corporation’s public offering of fixed-rate bonds worth P10 billion with an oversubscription option for P10 billion.

RLC will offer the fixed-rate bonds at face value. It has the discretion to offer the bonds in two series, Series C Bonds due 2023 and Series D Bonds due 2025.

Robinsons Land expects to net P9.87 billion from the base offer or P19.75 billion should it exercise the oversubscription option in full.

The company 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 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 will serve as joint lead underwriters and bookrunners for the offer.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/27/sec-okays-rlcs-p20-b-bond-offer/)

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