Philippines’ Rockwell Land seeks consents to amend PHP 5 billion notes

By Rebecca Melvin

New York, May 29 – Rockwell Land Corp. is seeking consents to amend the indenture of its PHP 5 billion of 7.25-year fixed-rate bonds due Feb. 15, 2021 to remove the debt service coverage ratio covenant under the bonds.

The consent solicitation will begin June 2 and expire on June 24.

If they consent to the amendment, bondholders will have the option to either receive an incentive fee or to put the bonds.

A consent fee of PHP 1.25 for each PHP 1,000 principal amount of bonds will be paid. Alternatively, the bondholders who opt to sell their bonds will receive 101% of par plus interest.

The bond sale payment date is set for no later than Aug. 17.

Rockwell said the proposed change is aimed at aligning the bond’s financial covenants with the company’s other debt facilities.

First Metro Investment Corp. is Rockwell’s adviser for the consent.

The real estate development company is based in Makati City, Philippines.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.