Robinsons Land Corporation (RLC) has successfully listed its P13.2 billion bonds on the Philippine Dealing and Exchange Corporation (PDEx).
In a disclosure to the Philippine Stock Exchcange, RLC said the 3-year and 5-year fixed-rate bonds due 2023 and 2025 has a coupon rate of 3.6830 percent and 3.8000 percent per annum.
The bond was strongly received by the market, enabling RLC to increase the issue size from P10 billion to a total of P13.2 billion.
“We are very grateful of the market’s positive reception of our bond offer resulting to it being oversubscribed. It underscores the investors’ continued vote of confidence in the company’s strength and growth prospects”, said RLC President and CEO Frederick D. Go.
He noted that, “This is a result of our unwavering commitment to ensure that we will be able to consistently deliver value to our stakeholders.”
“Amid the community quarantine, temporary business closure and other challenges that were brought upon by the pandemic, Robinsons Land remained resilient and agile, and emerged a stronger company,” Go added.
Joint Lead Underwriters and Bookrunners were BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, First Metro Investment Corporation and Standard Chartered Bank.
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.