THE Securities and Exchange Commission (SEC) has approved bond offerings of property firms Rockwell Land Corp. and Haus Talk Inc. that are expected to raise a combined P12 billion from the domestic debt market.
The SEC en banc on Feb. 20 approved the registration statement of Rockwell Land covering the shelf registration of up to P20 billion in fixed-rate bonds, subject to compliance with certain remaining requirements.
For the initial tranche, Rockwell Land plans to offer up to P7 billion in bonds with an oversubscription option of up to P3 billion. The first tranche will consist of three-year Series A bonds due 2029 and five-year Series B bonds due 2031, to be offered at face value.
The company expects to net about P9.87 billion from the first tranche assuming the oversubscription option is fully exercised. Proceeds will fund capital requirements for its residential and commercial development projects.
The offer period is scheduled from March 4 to 10, with the targeted issuance and listing of the bonds on the Philippine Dealing & Exchange Corp. on March 18.
Separately, the SEC said it approved on Feb. 24 the registration statement of Haus Talk for the issuance of fixed-rate bonds worth up to P2 billion, subject to compliance with certain remaining requirements.
Haus Talk intends to offer a base amount of P1 billion with an oversubscription option of up to P1 billion consisting of Series A bonds due 2029 and Series B bonds due 2031, to be offered at face value.
Assuming the offer is fully subscribed, the company expects to net about P1.96 billion, which will be used to finance land banking activities, project developments and other general corporate purposes.
The offer period runs from March 2 to 6 and the planned issuance and listing on PDEx is set for March 16.
Rockwell Land shares on Friday rose P0.03, or 1.62 percent, to close at P1.88 each, while Haus Talk shares gained P0.03, or 2.73 percent, to settle at P1.13 each.
