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Rockwell eyes P5 billion from fixed-rate bonds

September 20, 2013 7:28 pm [ manilatimes.net ]
by MADELAINE B. MIRAFLOR

Rockwell Land Corp., the property arm of the Lopez group, secured on Friday the go-signal from its board directors to raise P5 billion via issuance of seven-year fixed-rate bonds.

In a special meeting held on Friday, the board of Rockwell Land approved the public offering of up to P5 billion of seven-year and one quarter unsecured peso-denominated fixed-rate retail bonds.

Proceeds of the bonds issuance, according to the listed real estate firm, will be used to partially finance its various capital expenditures, particularly for its Proscenium project.

The company appointed First Metro Investment Corp. as issue manager and lead underwriter.

The Proscenium, Rockwell Land’s high-end residential project to rise in Rockwell in Makati City, consists of five towers with a total development and land cost of P26 billion. In 2012, it registered a sales take-up of P2.5 billion.

For this year, the high-end property developer has earmarked around P12 billion for its capital expenditure.

The company is also seeing a significant improvement in its net profit for 2013, saying that it expects as high as P1.5 billion compared to the P1.1-billion earned in 2012.

For its investment in Cebu, the company hasn’t identified what kind of project it will develop, but it is looking to pour in P2 billion to P3 billion in investments there.

In general, the company’s landbank is still good for at least three years, while The Proscenium’s project alone will be good for the next eight years, a company official earlier said.
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