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Manila Bulletin devider Business devider FLI plans to raise P11.9 B from bonds issue

FLI plans to raise P11.9 B from bonds issue

Published May 2, 2022 02:20 pm

Filinvest Land Inc. is planning to raise up to P11.9 billion from its proposed P8.0 billion bond issuance, with an oversubscription option of up to P3.9 billion.

In a statement, Philippine Rating Services Corporation (PhilRatings) said it has assigned its highest Issue Credit Rating of PRS Aaa to the bonds.

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It also maintained the PRS Aaa Issue Credit Rating for each of the outstanding bonds of FLI, with a total amount of P30.5 billion.

Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

Each of the ratings was also assigned an Outlook of Stable which means the rating is likely to remain unchanged in the next 12 months.

PhilRatings said the assigned issue credit ratings take into account FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion.

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It also factored in FLI’s sound growth strategies focused on building a balanced mix of real estate sales and recurring income, its recovery in earnings given the impact of the pandemic and ability to generate positive cash flows, and the improving economic situation amid declining COVID-19 cases and increasing vaccination rate.

As of end 2021, FLI had a land bank of approximately 1,873.8 ha of raw land, including approximately 201 ha of land under joint venture agreements which are sufficient to sustain several years of real estate development and sales.

For its real estate business, FLI will continue its focus in the affordable and middle-income segments which reportedly account for 50 percent of housing demand across the country.

For its leasing business, on the other hand, FLI continues to build its pipeline of leasing projects for both its retail and office portfolio to generate recurring revenues.

While the bulk of FLI’s income continues to be generated by its real estate sales segment, the company aims to expand its recurring income business to provide for more sustainable revenue streams.

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Philippine Rating Services Corporation (PhilRatings) Filinvest Land Inc.
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