Filinvest Land raises P11.4B from bond sale
Gotinanun-led property giant Filinvest Land Inc. successfully tapped the bond market to raise P11.43 billion, which will help bankroll its expansion and lower debt costs.
The builder said the 3.5-year retail bonds, which will pay an interest rate of 6.983 percent a year, were listed on the Philippine Dealing and Exchange Corp. on Friday.
“We take immense pride and gratitude in our investors’ consistent trust in FLI. The impressive response to FLI’s fixed-rate retail bond offering totaling P11.43 billion reflects investor confidence in our company’s prospects and the country’s economic outlook,” Tristan Las Marias, Filinvest Land president and CEO, said in a statement on Friday.
“FLI is posting strong growth performance, and we are on track to meet our forecast for the entire year. Our plans are bearing fruit, and we have our third-quarter growth ratios as evidence,” he added.
The builder said proceeds will finance its capital expenditure program and repay existing due debts.
It will also supplement internally generated funds for its ongoing growth in affordable and middle-income residential projects and new projects in the industrial and retail segments.
The developer said it was moving to accelerate development of its townships in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental.
These new townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind, the statement showed.
Filinvest Land tapped eight investment banks as joint underwriters and bookrunners for the bond sale.
These were BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp.