PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
.
.

SEC clears P5-B bond of Rockwell Land

Posted on October 31, 2013 10:25:50 PM [ BusinessWorld Online ]

THE SECURITIES and Exchange Commission (SEC) has approved the planned P5-billion bond issue of Rockwell Land Corp., an official of the regulator said yesterday.

SEC Secretary Gerard M. Lukban, in a text message, confirmed that the commission en banc gave its approval on Wednesday.

The bonds will have seven-year maturity, while coupon rate will be based on the interpolated 7.25-year Philippine Dealing System Treasury-Fixing Benchmark rate.

Rockwell Land last month said proceeds of the bond offering will be used to help bankroll Proscenium, a P26-billion mixed-use project at Rockwell Center in Makati City which features five towers. Construction of the first three towers started early this year. The transaction’s issue manager will be First Metro Investment Corp., which together with SB Capital and Investment Corp., will act as joint lead underwriters.

Local debt watcher Credit Ratings and Investors Services Philippines, Inc. has assigned ‘AA+’ issuer rating on Rockwell Land, reflecting the borrowers’ “very strong capacity to repay debt with a low probability of default and a high recovery rate in a worst case scenario.”

A number of firms have tapped the debt market this year, and more a scheduled to follow.

GT Capital Holdings, Inc. in the February issued P10-billion fixed-rate bonds.

Ayala Land, Inc. early this year issued P21 billion worth of fixed-rate bonds -- P15 billion in July and P6 billion last month.

Meanwhile, Aboitiz Equity Ventures, Inc. plans to sell P10 billion worth of retail bonds next month.

Manila Electric Co and Filinvest Land, Inc. are also looking to sell P20-billion and P7-billion worth of bonds, respectively, in the fourth quarter.

Rockwell Land’s net income increased 25.57% to P555 million in the first half from P442 million in the same six months last year.

This as revenues climbed 25.58% to P3.24 billion from P2.58 billion, while expenses increased 24.75% to P2.47 billion from P1.98 billion.

Shares of Rockwell Land added two centavos or 1.04% to settle at P1.94 apiece yesterday from P1.92 each on Wednesday. -- C. H. C. Venzon         
____________________________________________________________

real estate central philippines
Copyright ©2008-2017