Filinvest Land raising P11.9B in another bond sale

The Securities and Exchange Commission (SEC) has given Filinvest Land Inc. (FLI) the go signal to proceed with its P11.9-billion fixed rate bond offering.

In a disclosure on Thursday, the listed property firm said it had received a certificate of permit to offer securities valued at P8 billion for the primary offering and an oversubscription option of up to P3.9 billion.

The securities will have two tenors. The three-year bonds due 2025 carry an interest rate of 5.3455 percent per annum. The five-year bonds due 2027, meanwhile, have an annual interest rate of 6.4146 percent.

The bond issuance will be the third and last tranche of its P30-billion shelf-registration.

The first issuance, amounting to P8.1 billion, was completed in November 2020. The second tranche, which raised P10 billion, was issued in December last year.

FLI tapped the following firms to manage the transaction: BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp.

Meanwhile, China Bank Trust and Management Group serves as the trustee.

In the first quarter, FLI saw its net income attributable to equity holders of the parent fall by 8 percent to P677.77 million from P736.31 million as total revenues dipped by 0.48 percent to P4.14 billion due to lower earnings from rental services.

FLI president Tristan Las Marias earlier said the company would “continue accelerating construction completions and rolling out projects in emerging markets with large unserved housing demand” this year.

—Tyrone Jasper C. Piad