RLC to list P10-billion fixed-rate bonds
- Zinnia B. Dela Peña () - March 12, 2010 - 12:00am

MANILA, Philippines - Robinsons Land Corp. (RLC) will list P10 billion worth of five-year fixed rate bonds on the Philippine Dealing and Exchange Corp. (PDEx) next week.

PDEx provides a centralized and efficient infrastructure for trading securities which ensures price discovery, transparency and investor protection.

To be listed are P5 billion worth of bonds due July 14, 2014 and another P5 billion due Aug. 27, 2014.

RLC’s bond issue was given the highest credit rating of PRS Aaa by domestic credit rating firm PhilRatings, indicating that the debt issue is of the highest quality, with minimal credit risk, and that the issuer’s capacity to meet its financial obligations is extremely strong.

Proceeds from the issue will be used to fund the company’s capital expenditure requirements.

RLC is spending between P8 billion and P9 billion this year for its capital expenditures to build new shopping malls, residential buildings and units, office buildings and hotels.

To fund future projects, RLC is also studying the possibility of introducing real estate investment trusts (REITs).

RLC has lined up 11 new residential projects to capitalize on the strong demand for low-to-middle income housing. Among these projects are Monte Del Sol, Costa Verde, Forest Parkhomes North, Hanalei Heights, Brighton Parkplace North, Montclair Highlands, Sitio Andalucia, St. Bernice Estates, Nizanta Gardens, Vimana Verde Residences and Grand Tierra.

RLC said it plans to develop at least three new housing projects per year. To further expand its landbank and geographic base, the company is in various stages of negotiations for the acquisition of approximately 203 hectares in key regional cities throughout the country.

For its residential buildings division, RLC said it plans to build at least three new projects annually.  As of end-September  2009, RLC had a portfolio of 29 residential condominium projects located in Metro Manila and Cebu , of which 16 had been completed and 13 projects under various stages of development.

 As of Sept. 30 last year, RLC had 10 new shopping malls in the planning and development stage for completion in the next two-three years to ensure continued growth.

RLC is the second largest shopping mall developer in the country with 29 malls nationwide.

AS OF SEPT BRIGHTON PARKPLACE NORTH COSTA VERDE FOREST PARKHOMES NORTH HANALEI HEIGHTS METRO MANILA AND CEBU MONTCLAIR HIGHLANDS MONTE DEL SOL NIZANTA GARDENS PHILIPPINE DEALING AND EXCHANGE CORP RLC
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