Filinvest sets P7-B long-term bond offer

Gotianun-led property developer Filinvest Land Inc. plans to raise as much as P7 billion from the offering of a new series of long-term bonds.

The proposed bonds have received a credit rating of “PRS Aaa,” the highest rating on the scale of credit watchdog Philippine Rating Services Corp. (PhilRatings).

Philratings has likewise assigned the same triple-A rating on FLI’s outstanding bonds: P4.5 billion due in November 2014, P3 billion due in 2016, P7 billion due in 2019, P4.3 billion due in 2020 and P2.7 billion due in 2023.

Obligations rated “PRS Aaa” are deemed of the highest quality with minimal credit risk.

The obligor’s capacity to meet its financial commitment on the obligation is extremely deemed strong.

Philratings said the rating reflected the sustained growth of FLI’s real estate and leasing operations, resulting in strong income generation and improved cash flows; its conservative debt position and high financial flexibility.