The Gotianun Group’s property development arm Filinvest Land Inc. (FLI) has successfully raised P11.43 billion in fresh capital from the bond market to fund capital expenditures and refinance debt.
In a disclosure to the Philippine Stock Exchange (PSE), FLI said its 3.5-year peso fixed-rate retail bonds—which are PRS Aaa-rated by the Philippine Rating Services Corporation for their outstanding quality and minimum risk—were listed on the Philippine Dealing and Exchange Corp. (PDEx) Friday, Dec. 1.
"We take immense pride and gratitude in our investors' consistent trust in FLI. The impressive response to FLI's fixed-rate retail bond offering totaling P11.43 billion reflects investor confidence in our company's prospects and the country's economic outlook," said FLI President and CEO Tristan Las Marias.
FLI earlier mandated BDO Capital and Investment Corpora on, BPI Capital Corporation, China Bank Capital Corporation, East West Banking Corporation, First Metro Investment Corporation, PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation to manage the public offer and issuance of the bonds.
Rizal Commercial Banking Corporation - Trust and Investments Group served as trustee.
FLI's bond offering proceeds will finance its capital expenditure program and repay existing due debts. The proceeds will also supplement internally generated funds, supporting FLI's ongoing growth in affordable and middle-income residential projects and new projects in the industrial and retail segments.
"FLI is posting strong growth performance, and we are on track to meet our forecast for the entire year. Our plans are bearing fruit, and we have our third-quarter growth ratios as evidence," Las Marias said.
The firm expects to end 2023 with condominium and housing launches completed in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal.
FLI is also accelerating the development of its townships in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental.
These FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind.
For malls, FLI is currently constructing Marina Town in Dumaguete City and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao. These will expand FLI's retail portfolio by about 55 thousand square meters in gross leasable area (GLA), bringing FLI's nationwide retail GLA to about 300 thousand square meters.
FLI is also present in the industrial park and ready-built factory leasing businesses with its Filinvest Innovation Parks in New Clark City, Tarlac, and Ciudad de Calamba, Laguna.