LISTED property developer Robinsons Land Corp. (RLC) said that it had raised P15 billion after the strong demand for its fixed-rate bond issuance.
In a media release, the company said it had fully exercised its P5-billion oversubscription option amid “robust investor demand.”
“We are grateful to the investor community for their continued trust and confidence in RLC’s brand, reputation, and overall growth prospects,” RLC President and Chief Executive Officer Frederick D. Go said in a statement.
Mr. Go added that proceeds from the offering will be used to strengthen the company’s strategic investments aimed at increasing shareholder value.
Proceeds will be used to fully repay maturing debt obligations, partially fund the capital expenditure for project development, and support overall business operations.
“With the capital raised, RLC will continue to build a solid portfolio of well-designed, sustainable real estate developments that define the local landscape and uplift communities across the Philippines,” Mr. Go said.
The offering, which was listed on the Philippine Dealing & Exchange Corp., constitutes the second and final tranche of RLC’s P30-billion shelf-registered debt securities program, which was approved on Aug. 12, 2022.
The interest rate for the three-year series was 6.0972% per annum while that of the five-year tenor was 6.1663% per annum.
“The issuance also received the highest credit rating of PRS Aaa, with a Stable Outlook, from the Philippine Rating Services Corp.,” RLC said, “indicating the company’s stability, healthy balance sheet and strong capacity to meet its financial commitments.”
During the first quarter, its net income surged by 90% to P2.66 billion due to the strong performance of its business units. Consolidated revenues increased by 39% to P9.28 billion.
RLC shares fell by 0.83% or 12 centavos to P14.28 apiece on Friday. — Adrian H. Halili
