Robinsons Land Corp., the real estate developer of the Gokongwei Group, on Friday listed on the Philippine Dealing & Exchange Corp. its ₱15-billion fixed rate bonds, the first fully-filled oversubscription this year.
The bonds enjoyed strong investor demand, enabling Robinsons Land to price at the tightest of spreads, locking in rates of 6.0972 percent per annum for the three-year tenor, and 6.1663 percent per annum for the five-year tenor.
Proceeds will be used to fully pay maturing debts, partially fund the capital expenditure for project development, and support overall business operations.
The issuance, the second and final tranche of Robinsons Land’s P30 billion shelf registration, also received the highest credit rating of PRS Aaa, with a Stable Outlook, from the Philippine Rating Services Corp.“We are grateful to the investor community for their continued trust and confidence in RLC’s brand, reputation, and overall growth prospects. Proceeds from the offer will be used to further strengthen the Company’s strategic investments aimed at increasing shareholder value,” said Frederick Go, president and chief executive officer of Robinsons Land.
BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., and SB Capital Investment Corp. were the joint issue managers, lead underwriters , and bookrunners of the bond issue.
Land Bank of the Philippines acted as the selling agent.
