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Published on 6/16/2020 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Rockwell Land consent solicitation to amend PHP 5 billion note issue ends June 18

By Rebecca Melvin

New York, June 16 – Philippines’ Rockwell Land Corp. will conclude the consent solicitation period to amend the indenture of its PHP 5 billion of 5.0932% 7.25-year fixed-rate bonds a week early, according to a company news release.

The consent bid period will end June 18 instead of at the originally scheduled conclusion on June 24.

As previously reported, the solicitation seeks bondholder consent to remove the debt service coverage ratio covenant under the bonds. If holders consent to the amendment, they 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.


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