Philippine Securities and Exchange Commission approves Rockwell Land’s PHP 20 billion fixed-rate bond shelf registration

The Philippine Securities and Exchange Commission approved Rockwell Land Corporation’s debt securities program, resolving to render effective the company’s registration statement for a shelf registration of up to PHP 20 billion in fixed-rate bonds, subject to compliance with remaining requirements. The approval supports an initial tranche intended to raise up to PHP 10 billion. For the initial tranche, Rockwell Land will offer up to PHP 7 billion in fixed-rate bonds with an oversubscription option of up to PHP 3 billion, comprising three-year Series A bonds due in 2029 and five-year Series B bonds due in 2031, to be offered at face value. Assuming the oversubscription option is fully exercised, the company expects net proceeds of about PHP 9.87 billion to fund capital for residential and commercial development projects. The latest timetable submitted to the SEC sets an offer period of 4–10 March and issuance and listing on the Philippine Dealing & Exchange Corp. on 18 March, with BDO Capital & Investment Corporation and First Metro Investment Corporation as joint issue managers and, together with PNB Capital and Investment Corporation and RCBC Capital Corporation, as joint lead underwriters and bookrunners.