Filinvest Land lists ‘oversubscribed’ bonds

Gotianun-led Filinvest Land Inc.’s (FLI) P11.9-billion bond issuance was met with strong demand from investors, resulting in oversubscription of nearly 10 times its base amount.

On Thursday, the property firm listed the PRS Aaa-rated bonds with the Philippine Dealing and Exchange Corp.

“[This] solid reception from the capital market signals investor optimism not only for our company’s prospects but for the country’s economy as well,” FLI president and chief strategy officer Tristan Las Marias said during the listing ceremony.

The offering, which has two tenors, consists of an P8-billion principal amount with an oversubscription option of up to P3.9 billion.

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.

It was the third and final tranche from FLI’s P30-billion shelf registration for debt securities.

Proceeds of the transaction are allocated for its capital expenditures requirement and refinancing of maturing debt.

Las Marias said they were rolling out P30 billion in residential projects this year, aiming to expand in new markets such as Bataan, Sta. Maria in Bulacan, Naga in Camarines Sur and General Santos City.

In addition, the fundraising activity will support the company’s new projects under development, including co-living spaces, its logistics segment and innovation park businesses.

—Tyrone Jasper C. Piad