Filinvest Land, Inc. (FLI) has successfully raised P10 billion for its capital expenditure program through the issuance of 4-year and 6-year peso fixed-rate bonds.
In a disclosure to the Philippine Stock Exchange, the firm said the bond offering was more than 4 times oversubscribed from the base amount of P8.0 billion.
The bonds, which attained the highest PRS Aaa rating from the Philippine Rating Services Corporation (PhilRatings), was listed in the Philippine Dealing & Exchange Corp. on December 21, 2021.
The funding tapped from the bond market will allow the company to implement its capital expenditure program.
“FLI is growing its recurring income portfolio particularly in the logistics/industrial and office space. In addition, we continue to provide the housing requirements of our fellow countrymen as we help build the Filipino dream,” said President and CEO Josephine Gotianun-Yap.
She added that, “FLI is encouraged by the performance of the residential sector in the first nine months of the year with residential revenues increasing by 23 percent, we are hopeful that we are on the way to economic recovery.”
This latest bond issuance will be the second tranche out of its P30.0 bonds registered in 2020 under the shelf-registered program of the Securities and Exchange Commission.
The company issued the first tranche of the Shelf Registered Bonds on November 18, 2020 in the amount of P8.1 billion.
FLI mandated BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, East West Banking Corporation, First Metro Investment Corporation, RCBC Capital Corporation and SB Capital Investment Corporation to manage this public offer and issuance. RCBC – Trust and Investments Group shall serve as the Trustee.