SEC approves Rockwell P5-B bond offer

By Doris C. Dumlao

Philippine Daily Inquirer

12:52 pm | Thursday, October 31st, 2013

FILE PHOTO

MANILA, Philippines – Property developer Rockwell Land Corp. has obtained approval from the Securities and Exchange Commission to embark on a P5-billion retail bond offering.

The SEC approved Rockwell’s registration statement covering P5 billion worth of unsecured fixed rate peso retail bonds with a tenor of seven years and one quarter, based on documents from the corporate regulator.

Interest rate on the proposed bond offer will be determined based on an interpolated 7.25-year Philippine Dealing System treasury-fixing benchmark rate and an estimated spread of 125 to 175 basis points.

The issue manager for this offering is First Metro Investment Corp. while the joint lead underwriters are FMIC and SB Capital & Investment Corp.

Proceeds from the offering are intended for capital spending for the remainder of this year and for 2014, primarily for its upscale Proscenium development. These will cover expenditures not covered by funding raised from the P10-billion corporate notes drawn this year.

Related Stories:

Rockwell eyes P5-B bond sale

Rockwell Land ’12 net profit rises by 23%

Rockwell Land launches 3rd tower of Proscenium

Follow Us

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Short URL: http://business.inquirer.net/?p=150177

Tags: Business , economy , money , News , Real Estate

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

seo tools