SEC approves RLC’s P15 billion bond offering

MANILA, Philippines — Robinsons Land Corp. (RLC) has received the green light from the Securities and Exchange Commission (SEC) to raise as much as P15 billion via the initial tranche of its P30 billion debt program.

The property arm of the Gokongwei Group said the proceeds of the fund raising activity would be used to fund the development of malls, hotels and resorts, logistics and industrial facilities.

Likewise, the amount would be used to finance projects under RLC’s residential and integrated developments divisions.

RLC added that a portion of the proceeds would also go to land acquisition, repayment of short-term loans, and general corporate purposes.

According to its debt program, RLC may offer the bonds in tranches within three years.

For the first tranche, the listed property developer is offering to the public up to P10 billion of Series E bonds due 2025 and Series F bonds due 2027, with an oversubscription option of up to P5 billion.

The company could net up to P14.81 billion from the initial offer, assuming the oversubscription option is fully subscribed.

The bonds will be listed on the Philippine Dealing & Exchange Corp. (PDEx).

RLC has tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., and SB Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint bookrunners.