Rockwell Land lines up P10-B bond sale amid major expansion push

The Lopez family-led Rockwell Land Corp. is raising up to P10 billion from an initial bond offering under its P20 billion shelf registration, as it lines up funding for its next phase of expansion.

The proposed issuance, with a base size of P7 billion and an oversubscription option of up to P3 billion, received a PRS Aaa credit rating with a Stable Outlook from Philippine Rating Services Corp.

PhilRatings said the top-tier rating reflects Rockwell’s strong brand, steady profitability, solid liquidity, and conservative balance sheet, even as it scales up.

Valerie Jane L. Soliven

Rockwell Land president, COO 

The fundraising comes as Rockwell steps up capital spending following its recent acquisition of a majority stake in Alabang Commercial Corporation, which owns and operates Alabang Town Center, a 17.5-hectare retail and office complex in southern Metro Manila.

Beyond Alabang, the developer is preparing to start construction of its first full-service hotel in Cebu next year and plans to open its second Power Plant Mall in Pampanga by 2027.

 Rockwell had previously tapped First Metro Investment Corp. and BDO Capital and Investment Corp. as joint issue managers for the bonds. FMIC, BDO Capital, PNB Capital and Investment Corp. and RCBC Capital Corp would also serve as joint lead underwriters. 

—Edited by Miguel R. Camus