Filinvest Land bond offer raises P 11.43B

Gotianun-led property giant Filinvest Land Inc. (FLI) successfully tapped the bond market after raising P11.43 billion, which it will use to bankroll expansion and lower debt costs.

The builder said the 3.5-year retail bonds, which will pay an interest rate of 6.983 percent per 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.

Expansion

Aside from financing its capital expenditure program and repaying debts, proceeds would also supplement internally generated funds for its expansion in affordable and middle-income residential projects and new projects in the industrial and retail segments.

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The developer said it was moving to accelerate the development of 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.

The townships would include residential, commercial, transportation, and school components to create a self-sufficient environment, the statement showed. INQ