Gokongwei-led Robinsons Land plans P15B bond offer to support expansion initiatives
Property

Gokongwei-led Robinsons Land plans P15B bond offer to support expansion initiatives

Robinsons Land Corp. plans to raise as much as P15 billion from the issuance of retail bonds to support its expansion program.

In a disclosure to the stock exchange, the property arm of the Gokongwei family said its board approved the sale of three and five-year peso-denominated fixed rate bonds with a principal amount of P10 billion and an over allotment option of up to P5 billion.

The P15 billion bonds represent the first tranche of the shelf registered bonds amounting to P30 billion, subject to the requirements of the Securities and Exchange Commission and the ratings process of the Philippine Rating Services Corp.

BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp. First Metro Investment Corp. and SB Capital Investment Corp. are the joint lead underwriters and bookrunners for the issue.

RLC has set a capital spending program of P25.5 billion this year to beef up land bank, build more condominiums, housing units, offices, hotels and resorts.

 

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