RLC raises P13.2B from bond sale
Gokongwei-led property developer Robinsons Land Corp. has raised P13.2 billion from a new offering of local bonds, taking advantage of the slowdown in local interest rates to beef up funds for working capital and future expansion.
RLC sold three-year and five-year fixed-rate at a coupon rate of 3.683 percent and 3.8 percent per annum.
The bonds due 2023 and 2025 were listed on the Philippine Dealing and Exchange Corporation (PDEx) on Friday.
Citing warm market reception for the bonds, RLC increased the issue size from the base offer of P10 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,” RLC president and chief executive officer Frederick Go told the Philippine Stock Exchange on Friday.
“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 during the virtual listing ceremony.
The joint lead underwriters and bookrunners for the offering were BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp. and Standard Chartered Bank.
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