FDC raises $200M from offshore bond issue
Gotianun-led conglomerate Filinvest Development Corp. has returned to the offshore bond market for the first time in seven years, raising $200 million from the issuance of new IOUs at the lowest overseas coupon rate ever attained by the group.
The five-year senior unsecured fixed rate notes were priced to yield 4.125 percent annually – 25 basis points tighter than the initial price guidance.
“We are pleased with the outcome of the successful issuance which confirms the confidence and strength of FDC’s name and track record in the Philippines. This bond issuance will further optimize our capital structure, as well as position us to pursue new investments in infrastructure and sustainable solutions such as solar energy, water and waste water,” FDC president and chief executive officer Josephine Gotianun-Yap said in a press statement on Friday.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.