Robinsons Land Corp. said Monday it plans to raise up to P15 billion from the issuance of fixed-rate retail bonds.
RLC said it filed with the Securities and Exchange Commission an application to issue P10 billion worth of retail bonds, with an oversubscription option for another P5 billion.
This will constitute the second tranche from the company’s P30-billion debt securities program approved by SEC in August 2022.
RLC said it would use the proceeds from the fund raising activity to fully repay maturing debt and partially fund capital requirements of ongoing projects.
It said it would list the bonds, which would have maturity periods of three and five years, on the Philippine Dealing & Exchange Corp.
The property firm tapped five banks as the joint issue managers, lead underwriters and book runners for the offering. These are BDO Capital & Investment Corp., BPI Capital Corp. China Bank Capital Corp., First Metro Investment Corp. and SB Capital Investment Corp.
It also appointed Philippine Rating Services Corp. to issue the credit rating on the proposed offering.
Meanwhile, RLC’s real estate investment trust firm RL Commercial REIT Inc. declared cash dividend worth P1.05 billion, which represents 91 percent of the company’s distributable net income.
RCR said in a statement its board of directors approved the declaration of cash amounting to P0.977 per outstanding common share, which is 0.10 percent higher than cash dividend from the previous quarter.
The cash dividend is payable on May 31, 2023 to stockholders as of record date May 23, 2023.
“RCR continues to deliver good results which enabled us to provide increasing quarter-on-quarter cash dividends to our shareholders,” RCR president Jericho Go said.
RCR booked unaudited net income of P4.4 billion in 2022, up 162 percent from P1.68 billion recorded in 2021 following the acquisition of two new office buildings.
RCR is the country’s largest REIT with market capitalization of P62.22 billion and widest geographical reach in 10 key cities.