SEC clears Rockwell, Haus Talk bond offers

The Securities and Exchange Commission (SEC) has given the green light for Rockwell Land Corp. and mid-market quality homes developer Haus Talk Inc. to tap the bond market to raise fresh capital, fueling an aggressive push into new residential, commercial, and land projects.

In a report on Friday, the regulator confirmed that Rockwell Land plans to raise up to P10 billion in its initial tranche from a shelf registration of up to P20 billion in fixed-rate bonds.

Rockwell Land’s registration statement

“The Commission En Banc resolved to render effective the registration statement of Rockwell Land covering the shelf registration of up to P20 billion in fixed-rate bonds, subject to the company’s compliance with certain remaining requirements,” the SEC said.

The initial offer includes up to P7 billion in three-year series A bonds due in 2029 and five-year series B bonds due in 2031, with an oversubscription option of up to P3 billion.

Fund projects capitalization

Rockwell Land expects to net around P9.87 billion if fully subscribed, which will fund capital for its residential and commercial development projects.

The offer period runs from 4 to 10 March, ahead of the bonds’ listing on the Philippine Dealing & Exchange Corp. on 18 March.

The company tapped BDO Capital & Investment Corp. and First Metro Investment Corp. as joint issue managers, underwriters, and bookrunners, alongside PNB Capital and Investment Corporation and RCBC Capital Corp.

Haus Talk bond offer

Meanwhile, Haus Talk’s bond offer, approved by the SEC on 24 February, will raise up to P2 billion.

“The Commission En Banc resolved to render effective the registration statement of Haus Talk, covering fixed-rate bonds with a base offer of P1 billion, and an oversubscription option of up to P1 billion, subject to the company’s compliance with certain remaining requirements,” the SEC said.

The retail bonds include series A bonds due in 2029 and series B bonds due in 2031, all offered at face value.

Land banking and project development

Haus Talk expects to net around P1.96 billion to fund land banking, project developments, and general corporate purposes. The offer period is 2 to 6 March, with the listing set for 16 March.

Security Bank Capital Investment Corp. will serve as Haus Talk’s issue manager, underwriter, and bookrunner.