Rockwell Land eyes P7B from bond issuance

Rockwell Land Corp. is looking to raise up to P7 billion from the issuance of fixed-rate bonds which the company said will partially  fund its capital expenditures including the construction of its Power Plant Mall in Angeles City, Pampanga.

Rockwell Land said it received the go-ahead from the Securities and Exchange Commission (SEC) to offer up to P7 billion in fixed-rate bonds with an oversubscription option of up to P3 billion.

The bonds will be issued in up to two series: Series A three-year fixed-rate bonds due 2029 with interest pegged at 5.5666%, and Series B five-year bonds due 2031 at 5.8595%.

The public offer will start at 9 a.m. on Wednesday, March 4, and end at 12 p.m. on March 10, with the bonds set to be listed on the Philippine Dealing and Exchange Corp. (PDEX) on March 18, 2026.

“Net proceeds from the offer will be used to partially fund capital expenditures for land development and the construction costs of Rockwell’s various existing projects,” the company said in an emailed statement.

Rockwell Land specifically cited the Power Plant Mall in Angeles, Rockwell at IPI Center, Aruga Hotel in Mactan, and the Rockwell Center Bacolod.

The firm tapped BDO Capital & Investment Corp. and First Metro Investment Corp. as the joint issue managers, together with PNB Capital and Investment Corp. and RCBC Capital Corp. as the joint lead underwriters. Metropolitan Bank & Trust Company - Trust Banking Group was tapped as the trustee. —Jon Viktor Cabuenas/RF, GMA Integrated News