Rockwell Land Corporation lists PhP 5 Billion Bonds due 2021 on PDExPosted on: November 15, 2013
Makati, Philippines, 15 November 2013, Friday- Rockwell Land Corporation (ROCK), the Lopez-led real estate company known for its originality, premier high-end property developments, and luxury lifestyle brand, made its debut in the debt market listing its P5 Billion Fixed Rate Bonds due 2021 on the Philippine Dealing & Exchange Corp. (PDEx).
Rockwell Land joined the growing issuer community of PDEx, bringing the year-to-date new listings total to PhP 57 billion and the total level of tradable corporate debt instruments to P318.03 billion issued by 19 companies with 55 securities being traded.
Formed in 1995, its primary task to transform an old thermal power plant into a high-end mixed-use community has truly come into fruition. Since then, it has been known for its strong presence in the top segments of the property development market, impressive income growth, and prudent fiscal management policy.
Rockwell has deliberately pursued opportunities for growth in the fixed income and equities market, with its debut as a publicly listed company in 2012, tapping the capital markets to raise substantial amounts of long-term funding.
“We applaud and congratulate Rockwell for this significant stride, providing quality living and superior services to its clients while being responsive as well to the needs of investors in the Philippine capital market,” said PDEx Chairman and CEO Cesar B. Crisol in his welcome remarks.
The seven-year and a quarter bonds carry a coupon rate of 5.0932% per annum. The Credit Rating and Investors Services Philippines Inc. (CRISP) assigned an ‘AA+’ rating on ROCK’s Fixed Rate Bonds, reflecting Rockwell’s very strong capacity to repay debt with a low probability of default and a high recovery rate in a worst case scenario.
“The positive reception we have received from the investing public and institutions has been encouraging, and has supported our current plans for expansion,” said Nestor J. Padilla, Rockwell Land President and CEO. “Given this, Rockwell is committed to ensuring that we achieve our targets each year, and retain a strong financial position through prudent management and a continued dedication to delivering quality to our clientele. We are very happy with the sales from The Proscenium as it remains on track, with the first three of the development’s five towers almost 50% sold out.”
The event was held at the PDS Group Office at The Enterprise Center, Makati City and was graced by ROCK directors led by President & CEO Nestor J. Padilla together with SVP and Treasurer Miguel L. Lopez.
Representatives from the issue’s underwriters were also in attendance, including Issue Manager, First Metro Investment Corporation President Roberto Juanchito T. Dispo, and Co-Lead Underwriter, SB Capital and Investment Corporation President Emilio Federico C. Galang.#