Filinvest to float offshore bonds to raise $300M

Photo by https://www.filinvesthavila.com/

MANILA, Philippines—Filinvest Development Corp. plans to raise as much as $300 million from the sale of offshore bonds to fund capital spending this year.

In a disclosure to the Philippine Stock Exchange on Thursday, FDC said its board had approved a plan to float $200 million to $300 million in bonds in the overseas market by the second quarter of this year.

“The exact amount and other details thereof will be determined by the management,” the disclosure said.

“The proceeds from the bonds issuance will be used by the corporation to finance capital requirements for 2013,” it added.

The offering is subject to the approval of appropriate government agencies.

It was earlier reported that FDC was investing roughly P25 billion to jumpstart this year the construction of new power plants with a combined generation capacity of 200 megawatts.

Apart from these “green field” projects that will start from scratch, FDC is keen on some of the “brown field” or already existing power assets slated for privatization.