Filinvest Land, Inc. (FLI) has raised P11.9 billion from the issuance of 3-year and 5-year peso fixed-rate bonds to refinance maturing debt and fund its capital expenditure program.
In a statement, the firm said the bond offering was almost 10 times oversubscribed over the base amount of P8.0 billion. The bonds were listed in the Philippine Dealing & Exchange Corp. on June 23, 2022.
FLI said the proceeds of this bond issuance will add to its internally generated funds in support of its continued expansion in the affordable and middle-income residential development.
“We have a strong line up of over P30 billion new residential projects to be rolled out in the coming year in new territories and expansions in our 32 existing MRB townships nationwide,” said FLI President Tristan Las Marias.
He added that, “We target to launch in new areas like Bataan, Sta Maria in Bulacan, Naga in Camarines Sur, and in General Santos, South Cotabato. Housing continues to grow at a stable rate despite the pandemic. We expect this to further grow as we transition out of the pandemic.”
“We have also introduced new recurring business products such as co-living, co-working, and logistics and innovation parks with ready built warehouses,” said Las Marias.
He said “Our first co-living development which we have branded as ‘The Crib’ located in Clark Mimosa is eager to welcome its first dormers, with the first two buildings set to be operational very soon. There are also two more Crib buildings under construction.”
On the other hand, FLI envisions its Innovation Park in New Clark City in Tarlac and Filinvest Technopark in Calamba, Laguna to be the preferred location of logistics, data centers, e-commerce, light manufacturing, and storage business operators.
“This will add to our portfolio of recurring income projects which we aim to infuse into Filinvest REIT (FILRT) at the right time,” said FLI Chief Executive Officer Josephine Gotianun Yap.
This latest bond issuance will be the third and final tranche out of its P30.0 billion 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 and the second tranche on December 21, 2021 in the amount of P10 billion.