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Manila Bulletin devider Business devider The Stock Market devider SEC approves Filinvest Land's ₱12-billion bond offering

SEC approves Filinvest Land's ₱12-billion bond offering

Published Feb 18, 2025 05:58 am

The Securities and Exchange Commission (SEC) has approved the planned offering by Filinvest Land Inc. of peso denominated fixed rate bonds worth up to ₱12 billion.

The offering, a ₱9 billion base and a ₱3 billion over-subscription option of up to ₱3 billion, consists of five-year bonds due 2030 with interest rate of 6.2916 percent, seven-year bonds due 2032 with interest rate of 6.6550 percent, and 10-year bonds due 2035 with interest rate of 6.8312 percent per annum.

This latest bond issuance will be the second tranche out of its ₱35 billion bonds registered in 2023 under the shelf-registered program of the SEC. The company issued the first tranche of the shelf registered bonds on Dec. 1, 2023 in the aggregate amount of ₱11.4 Billion.

FLI has mandated BDO Capital and Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, East West Banking Corporation, First Metro Investment Corporation, Land Bank of the Philippines, RCBC Capital Corporation and SB Capital Investment Corporation to manage this public offer and issuance. 

Metropolitan Bank & Trust Company – Trust Banking Group shall serve as the trustee.

FLI has secured the highest PRS Aaa Issue Credit Rating from Philippine Rating Services Corporation (PhilRatings) for this planned bond issuance. PhilRatings also maintained the PRS Aaa Issue Credit Rating for each of the outstanding bonds of the company, with a total amount of ₱36.1 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.

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.

PhilRatings also considered the firm’s sound growth strategies and solid foothold in the affordable and middle-income segments, its strong profit performance in 2023 and the first nine months of 2024, and FLI’s positive operating cash flows and ample liquidity.

Related Tags

Philippine Rating Services Corporation Securities and Exchange Commission Filinvest Land Inc.
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