Filinvest Land listing P7B in bonds on PDEx on June 8
Fixed-rate paper to yield 6.2731% a yearBy Doris C. Dumlao
Philippine Daily Inquirer
Gotianun-led Filinvest Land Inc. (FLI) has completed its P7-billion retail bond issue and is set to list the securities on the local fixed-income exchange Philippine Dealing and Exchange Corp. (PDEx) on June 8.
FLI told the Philippine Stock Exchange Wednesday that the PDEx had approved the listing, paving the way for the secondary market trading of the seven-year bonds.
The FLI bonds carry a fixed rate equivalent to 6.2731 percent a year.
This issue represents the first tranche of the P11-billion FLI bond issue earlier approved by the Securities and Exchange Commission.
BDO Capital and Investment Corp., BPI Capital Corp. and First Metro Investment Corp. were the joint issue managers of the issuance. The three, along with HSBC Corp., were also the joint lead underwriters.
Proceeds from the bond sale will be used to partially finance FLI’s capital expenditures for 2012. Earlier this year, FLI disclosed that its capex budget this year was at P15 billion.
FLI plans to launch P14.5 billion worth of residential units from 14 new projects and 19 additional phases of existing projects this year. It is also constructing a business process outsourcing office building along EDSA in Mandaluyong City with a gross leasable area of 7,000 square meters and a building in Northgate Cyberzone with a gross leasable area of 20,000 sqm while construction of another building, called Plaz@ E, will start within the year.
The company is also building a 15,000-sqm BPO office building in Lahug, Cebu. Meanwhile, the expansion of the Festival Supermall in Filinvest City is under way as well as the development of the Il Corso lifestyle strip in Citta di Mare in South Road Properties, Cebu.
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