Robinsons Land Returns to the PDEx Bourse with its PHP 13.19 Billion Fixed Rate Bonds Due 2023 and 2025Posted on: July 17, 2020
17 July 2020, Makati, Philippines — Robinsons Land Corporation (RLC) returns to the local bourse with the listing of its PHP 12.76 Billion Series C Fixed Rate Bonds Due 2023 and PHP 427.21 Million Series D Fixed Rate Bonds Due 2025 on the Philippine Dealing & Exchange Corp. (PDEx). The issuance was warmly received by the market, allowing RLC to increase the issue size from PHP 10 Billion to a total of PHP 13.19 Billion. With semi-annual coupons pegged at 3.6830% and 3.8000%, respectively, the proceeds will be used to fund 2020 and 2021 capital expenditure, re-finance maturing liabilities, and support other general purposes.
In his welcome remarks, PDEx President and Chief Operating Officer Antonino A. Nakpil said, “We are pleased to see how RLC has been able to achieve its funding and be oversubscribed while there are a slew of issuances that are ongoing, notably the Retail Treasury Bond of the BTr, which just had a good reception as well yesterday. This is most certainly a testament of the goodwill and trust that RLC has established with its bondholders, kudos.”
RLC President and Chief Executive Officer Frederick D. Go also shared a few words on behalf of the issuer.
“This is a result of our unwavering commitment to ensure that we will be able to consistently deliver value to our stakeholders. Amid the community quarantine, temporary business closure and other challenges that were brought upon by the pandemic, Robinsons Land remained resilient and agile, and emerged a stronger company,” said Mr. Go.
“We are very grateful of the market’s positive reception of our bond offer resulting to it being oversubscribed. It underscores the investors’ continued vote of confidence in the company’s strength and growth prospects,” added Mr. Go.
This 19th listing for 2020 brings the year-to-date total of new listings to PHP 234.73 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.48 Trillion issued by 56 companies, comprising 201 securities.