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MANILA, Philippines - Filinvest Land Inc. (FLI) has obtained regulatory approval to raise money from the domestic bond market beginning next month.
Documents from the Securities and Exchange Commission show the property arm of the Gotianun group will issue P11 billion worth of seven-year fixed-rate bonds.
The bonds will be issued in two tranches, the first amounting to P7 billion on June 8 and the second tranche amounting to P4 billion in the third quarter of the year.
The first tranche of bonds bears an indicative rate of 5.7658 to 6.4158 percent per annum.
BDO Capital and Investment Corp., BPI Capital Corp., First Metro Investment Corp. and the Hongkong and Shanghai Banking Corp. will act as joint lead underwriters
The bonds will partly finance the company's P15-billion capital expenditure program, including the development of residential projects in Manila and provincial areas and land acquisition in the Reclamation Area in Cebu City, and properties in Quezon City, Rizal and Pasig.
The property firm has P500 million worth of three-year bonds maturing in November this year. Another P4.5 billion worth of five-year bonds are due in November 2014, and P3 billion in October 2016.
Philippine Rating Services Corp. has assigned the highest rating of PRS Aaa to the property firm's bonds.
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