RLC raised P15b from fixed rate bond issuance on strong demand

By Jenniffer B. Austria

INTEGRATED property developer

Robinsons Land Corp.successfully raised P15 billion from issuance of fixed rate bonds on strong demand from investors.

RLC president and chief executive officer Frederick Go said during the virtual bond listing on the Philippine Dealing & Exchange Corp. the debt issue drew total orders of P25 billion, or 2.5 times the base offer, making company as the first Philippine corporate this year to exceed the oversubscription amount.

Go said this strong market reception prompted the company to fully exercise the P5 billion oversubscription option. Robust investor demand also allowed RLC 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 fiveyear tenor.

“We are grateful to the investor community for their continued trust and confidence in RLC’s brand, reputation, and overall growth prospects,” Go said.

Go said proceeds from the bond issuance will be used to fully repay maturing debt obligations, partially fund the capital expenditure for project development, and support overall business operations.