Filinvest Land prices P12-billion bond offer
Filinvest Land Inc. (FLI) has priced its upcoming P12-billion bond offer following the approval of the Securities and Exchange Commission, enabling the company to raise funds for expansion outside Metro Manila.
In a stock exchange filing on Tuesday, FLI said its issuance would consist of five-year bonds at a rate of 6.2916 percent, seven-year bonds at 6.655 percent, and 10-year bonds at 6.8312 percent per year.
The latest issuance represents the second tranche of the Gotianun-led firm’s P35-billion shelf-registered program approved in 2023.
FLI raised P11.4 billion through the first tranche launched in December 2023.
BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, RCBC Capital Corp. and SB Capital Investment Corp. were tapped to manage the offer.
Metropolitan Bank and Trust Co.–Trust Banking Group will serve as the trustee, FLI said in its disclosure.
FLI, the property arm of conglomerate Filinvest Development Corp., eyes to launch more projects outside the National Capital Region as investors and potential homeowners look to other provinces for properties.
Last November, FLI broke ground for the 11.4-hectare Iloilo Central township that is expected to generate P1.8 billion in sales. The project will house residential units, commercial spaces and retail pods.
This extends FLI’s reach in the Visayas, apart from ongoing projects in Cebu and Dumaguete.
FLI has also recently increased its shareholding in its real estate investment trust (REIT) arm via a property-for-share swap deal, under which it turned over Festival Mall in Alabang.
In return, Filinvest REIT Corp. (FILRT) will issue 1.63 billion of its primary common shares to FLI. This will increase FLI’s ownership stake in FILRT to 63.27 percent from 51.06 percent currently.
The 27-year-old Festival Mall will diversify FILRT’s portfolio which currently consists of mostly offices.
