Robinsons Land Corp. (RLC) said it has raised P13.2 billion through the issuance of three- and five-year fixed rate bonds due 2023 and 2025.
The bonds have a coupon rate of 3.6830 percent and 3.8000 percent, respectively, and listed with the Philippine Dealing and Exchange Corp.
RLC said the issuance was strongly received.
“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 Frederick Go, RLC president.
“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.
BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp. and Standard Chartered Bank served as joint lead underwriters and bookrunners.
RLC earlier said the proceeds will be used to partially fund its capital expenditure (capex) 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 capex 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, RLC said.
