The Securities and Exchange Commission approved Robinsons Land Corp.’s public offering of fixed-rate bonds worth P10 billion with an oversubscription option for P10 billion.
The SEC said in a statement it considered favorably the registration statement of the publicly listed property developer that would offer the fixed-rate bonds at face value. The company has the discretion to offer the bonds in two series—Series C Bonds due 2023 and Series D Bonds due 2025.
The bonds, with tenors of three-years and five years, will be issued and listed with Philippine Dealing & Exchange Corp. on July 17. Robinsons Land expects to net P9.87 billion from the base offer or P19.755 once it exercised the oversubscription option in full.
The company will use the net proceeds to partially fund its capital expenditure budget for 2020 and 2021; partially repay short-term loans maturing in the second half; and fund general corporate purposes including, but not limited to, working capital.