ROBINSONS LAND Corp. (RLC) has doubled the over-subscription option for its P15-billion fixed-rate bonds, a move that is usually prompted by greater demand for its debt offering.
In a stock exchange disclosure on Friday, the Gokongwei-led property developer announced that its board agreed to raise the over-subscription option for its latest bond offer to P10 billion from P5 billion.
RLC did not provide further details as these are yet to be finalized.
In March, the company offered its peso-denominated issuance, which has an aggregate principal amount of P10 billion.
The bond offer is subject to the requirements of the Securities and Exchange Commission and the rating process of the Philippine Rating Services Corp.
RLC is the real estate and hotel arm of listed JG Summit Holdings, Inc. The company posted a 6% increase in net income in 2019 to P8.69 billion as its revenues jumped to P30.58 billion.
On Friday, shares in RLC grew by 5.83% to close at P15.26 each. — Adam J. Ang
