Robinsons Land Corp. (RLC) is looking to raise P15 billion in funding through the issuance of bonds.
The company said it got a PRS Aaa with a stable outlook for the bonds from Philippine Rating Services Corp. for its proposed bond issuance.
The bonds will be issued at an initial P10 billion and another P5 billion for the oversubscription option.
This is the first tranche of the company’s P30 billion shelf-registered Debt Securities Program approved by its board of directors last May.
RLC has an extensive portfolio of 53 lifestyle centers; 28 prime office developments anchored on the business process outsourcing sector; five work.able centers in the growing flexible workspace segment; 24 diverse, multi-branded hotel properties consisting of upscale deluxe hotels, mid-market boutique city and resort hotels, essential service value hotels and luxury resorts; seven industrial facilities capitalizing on opportunities in the logistics sector; over 100 residential properties; and 20 mixed-use developments, including three landmark destination estates that espouse the Live-Work-Play-Inspire lifestyle.
RLC maintained its strong cash position despite a challenging operating environment caused by the pandemic. Operating cashflow, which is always at a surplus, amply covered short-term debt, the company said.
Total assets remained robust at P223 billion as of end-March 2022, it added. – Ruelle Castro