Rockwell lists P10-B bonds on PDEx

ROCKWELL LAND CORP. listed its P10-billion fixed-rate bonds on the Philippine Dealing & Exchange Corp. (PDEx), marking its return to the domestic debt market after more than a decade.

In a disclosure to the stock exchange on Wednesday, the company said the issuance consists of three-year bonds with a 5.5666% annual interest rate and five-year bonds with a 5.8595% rate.

Rockwell Land’s P7-billion base offer, with an oversubscription option of up to P3 billion, forms the first tranche of its P20-billion shelf registration program and marks its first bond sale in nearly 13 years.

Investor demand oversubscribed the order book five times the base offer, indicating strong interest in the issuance. The investor base included a mix of retail and institutional participants, the company said.

“Our sincere appreciation to all our underwriters and partners who worked closely with us to bring this P10-billion bond issuance together. We were pleasantly surprised by the reception. Certainly, it is strong relationships that allow us not only to endure, but to survive situations we aren’t prepared for. Today’s milestone is another proof of that,” Rockwell Land Chairman Nestor J. Padilla said in a statement.

The Philippine Rating Services Corp. assigned the bonds its highest rating of PRS Aaa with a “stable” outlook, citing the company’s strong capacity to meet its financial obligations.

Rockwell Land said it will use the proceeds to fund capital expenditures, including land development and construction for ongoing projects.

These projects include horizontal residential developments, Power Plant Mall Angeles, Rockwell at IPI Center in Cebu, Aruga Mactan Hotel, and Rockwell Center Bacolod.

BDO Capital & Investment Corp. and First Metro Investment Corp. served as joint issue managers. They also acted as joint lead underwriters and bookrunners alongside PNB Capital and Investment Corp. and RCBC Capital Corp.

Rockwell Land has been expanding its residential and retail portfolio nationwide and has launched several premium residential projects in key provincial areas since late 2024.

Shares of Rockwell Land rose by 0.56% to close at P1.81 each on the Philippine Stock Exchange. — Alexandria Grace C. Magno