SEC OKs Filinvest Land’s P35-B bond program

MANILA  -The Gotianun family’s Filinvest Land Inc. received clearance to register long-term bonds worth up to P35 billion, with the first tranche of P12 billion to be sold as soon as next month.

The Securities and Exchange Commissions said it approved the registration during a meeting last Oct. 26.

“Proceeds will be used to partially finance the full redemption of the company’s bonds and to partially fund capital expenditures,” the SEC said.

It said the first tranche would involve a base offer of P10 billion worth of bonds due 2027 plus a P2 billion oversubscription option. Based on the latest timetable, the bonds will be offered from Nov. 16-22 this year while listing on Philippine Dealing and Exchange Corp. is  targeted on Dec. 1.

The company tapped BDO Capital & Investment Corp., China Bank Capital Corp., EastWest Capital Corp. First Metro Investment Capital, PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the offer.

Filinvest Land, a part of conglomerate Filinvest Development Corp., previously outlined major expansion plans for industrial estates in the 288-hectare Filinvest New Clark City in Tarlac province.

Last week, it launched the 60-hectare Filinvest Innovation Park-New Clark City Phase 1 in a bid to lure logistics, e-commerce, and light manufacturing companies.

“FIP-NCC represents a significant stride for Filinvest Land as we expand our industrial footprint in Central Luzon,” said Filinvest Land CEO Tristan Las Marias.

During the launch, the developer also held groundbreaking ceremonies for the estate’s ready- built factory (RBF) zone.

Filinvest Land’s RBFs (offered in 2,500; 4,000; and 5,000 square meter units) follow Grade A warehouse specifications, including features such as high ceiling clearance, better floor load capacity, raised production floors with loading docks, and utility infrastructure support.