Rockwell Land Corp. has received regulatory approval to proceed with a public offering of up to P10 billion in fixed-rate bonds as part of its capital-raising program this year.

In a disclosure on 3 March, the property developer said it obtained from the Securities and Exchange Commission the Order of Registration and Permit to Sell covering up to P7 billion in fixed-rate bonds, with an oversubscription option of up to P3 billion.

The issuance, which represents the first tranche of the company’s P20-billion shelf-registered bond program for 2026, will be offered in two series: three-year bonds due 2029 with an interest rate of 5.5666 percent per annum, and five-year bonds due 2031 carrying 5.8595 percent per annum.

The public offer period is scheduled to run from 4 to 10 March, with listing targeted on the Philippine Dealing & Exchange Corp. on 18 March. Rockwell Land said the bonds will be issued at 100 percent of face value, with interest payments made quarterly.

Philippine Rating Services Corp. assigned the issuance a PRS Aaa rating with a Stable Outlook, indicating the highest quality obligations with minimal credit risk.

Rockwell Land said proceeds will be used to partially fund capital expenditures for land development and construction costs across its pipeline of projects, including horizontal residential developments, Power Plant Mall in Angeles, Rockwell at IPI Center, Aruga Hotel in Mactan and Rockwell Center Bacolod.

BDO Capital & Investment Corp. and First Metro Investment Corp. are serving as joint issue managers, alongside PNB Capital & Investment Corp. and RCBC Capital Corp. as joint lead underwriters and bookrunners. Metropolitan Bank & Trust Co. – Trust Banking Group will act as trustee.