Filinvest Land plans P11.57-B bond issuance

FILINVEST LAND, INC. (FLI) said its executive committee has approved the offer and issuance of up to P11.57 billion in fixed-rate peso bonds with tenors of up to 10 years.

“This latest bond issuance will be the third tranche out of the P35-billion shelf-registered Philippine peso-denominated bonds of the company approved by the Securities and Exchange Commission,” the company said in a disclosure on Tuesday.

FLI appointed BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, RCBC Capital Corp., and SB Capital & Investment Corp. as joint lead underwriters and bookrunners for the planned bond offering.

The company also appointed the Philippine Depository & Trust Corp. (PDTC) as registrar and paying agent for the third tranche bonds, while Philippine Rating Services Corp. (PhilRatings) will provide the issue credit rating.

“The third tranche bonds shall be listed with the Philippine Dealing and Exchange Corp. (PDEx) as and when issued,” the company said.

“The executive committee of the company has further authorized the management to evaluate all aspects relating to the proposed offering of the bonds, including the determination of the timing thereof,” it added.

In an earlier disclosure, FLI said the planned retail bond offering could raise up to P11.57 billion to fund expansion projects outside Metro Manila.

In March last year, the company raised P12 billion from the second tranche of its shelf-registered bond program, which it said supported its retail and industrial expansion.

FLI’s portfolio includes office towers, mid-rise and high-rise residential developments, townships, mixed-use projects, malls, and leisure developments.

At the local bourse on Tuesday, shares in FLI were unchanged at P0.77 apiece. — Alexandria Grace C. Magno