Filinvest Land, Inc. (FLI) has successfully raised P8.1 billion from the issuance of 3- and 5.5-year peso fixed-rate bonds to fund its capital expenditure program.
The bonds, which attained the highest PRS Aaa rating from the Philippine Rating Services Corporation (PhilRatings), was listed in the Philippine Dealing & Exchange Corporation on November 18, 2020.
The Gotianun-led property arm FLI’s fixed-rate bonds due 2023 and 2026 had an oversubscription of P1.35 billion over the base amount of P6.75 billion.
The funding tapped from the bond market will allow the company to implement its capital expenditure program.
“With this bond issuance, FLI is now well-prepared for its planned expansion. FLI is targeting to further expand its recurring income portfolio particularly in the logistics/industrial and office space,” said FLI President and CEO Josephine Gotianun-Yap.
She added that, “FLI is encouraged by the V shape recovery in its residential sales take-up post MECQ. 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,” noted Gotianun-Yap.
The final rate for the 3-year bonds due 2023 was pegged at 3.3353 percent per annum and the 5.5-year bonds due 2026 was at 4.1838 percent per annum.
BDO Capital and Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, East West Bank, and SB Capital Investment Corporation served as joint lead underwriters and bookrunners, and First Metro Investment Corporation as the Co-lead Underwriter. China Banking Corporation – Trust and Asset Management Group is Trustee for the transaction.