Filinvest Land raises P8B from bonds

Listed Filinvest Land Inc. (FLI) has generated for its capital expenditure program P8.1 billion from its issuance of peso fixed-rate bonds.

In a filing on Wednesday, the real estate arm of Gotianun-led Filinvest Development Corp. told the bourse that its three- and 5.5-year bonds had an “oversubscription of P1.35 billion over their base amount of P6.75 billion.”

The three-year bonds are due in 2023 and their final rate is set at 3.3353 percent annually. The 5.5-year bonds are due in 2026 and set at 4.1838 percent per annum.

The bonds received the Philippine Rating Services Corp.’s highest rating of “PRS Aaa” and were listed on the Philippine Dealing and Exchange Corp. on Wednesday.

“With this bond issuance, FLI is now well-prepared for its planned expansion,” Filinvest Land President and Chief Executive Officer Josephine Gotianun-Yap said in the filing. “FLI is targeting to further expand its recurring income portfolio particularly in the logistics/industrial and office space.”

“We will remain true to our core competency of meeting the needs of majority of the population by providing affordable and middle-income MRBs and houses. Furthermore, we will be launching residential developments alongside mixed-used projects within integrated townships to further showcase the dynamic synergies within our company and its affiliates,” she added.

BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Bank and SB Capital Investment Corp. were the joint lead underwriters and bookrunners.

First Metro Investment Corp. was the co-lead underwriter. China Banking Corp.’s Trust and Asset Management Group was the trustee.

Filinvest Land shares shed 1 centavo or 0.96 percent to close at P1.03 apiece on Wednesday.

Article and Photo originally posted by Manila Bulletin last October 1, 2020 10:04am and written by Emmie V. Abadilla.