Filinvest to offer P3B in bonds

Filinvest Land Inc. plans to offer up to P3 billion worth of long-term retail bonds within the month to fund its expansion activities this year.

The property developer of the Gotianun family on Thursday reported to the Philippine Stock Exchange that its executive committee had approved the plan to issue and float via public offering unsecured fixed-rate peso bonds with a maturity of five years and three months.

“Proceeds from the retail bond issuance will be used by the corporation to additionally finance capital requirements for 2011,” the disclosure said.

Issue date is targeted sometime in June, subject to Securities and Exchange Commission’s approval.

The planned P3-billion retail bond offering has been assigned the highest rating of PRS Aaa by local credit watcher Philratings.

Earlier, FLI announced that it would launch about P13 billion worth of residential projects this year, about 25 percent more than what it brought to the market last year.

The company plans to sell over 14,000 units this year, almost double the close to 7,300 units launched in 2010. This year, it would roll out 17 new projects and 24 additional phases of existing projects.

These will include four new socialized housing projects, six new affordable housing projects and two new mid-rise building (MRB) projects.

FLI also plans to put up two new office buildings and a new chain of affordable hotels.