FLI returns to the debt market with the issuance of P10-B bonds

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Gotianun-led real estate developer Filinvest Land Inc. (FLI) returns to the local retail bond market this year with an offer of up to Peso 10 billion of debt securities with maturities ranging from four to six years.

In a special meeting, FLI’s board of directors approved the issuance of 8 billion pesos worth of peso-denominated retail fixed-rate bonds with an over-subscription option of up to 2. billion pesos.

This will be the second installment of its 30 billion peso bond registration that was approved by the Securities and Exchange Commission in 2020.

For this new issue, FLI has mandated BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp., RCBC Capital Corp. and SB Capital Investment Corp. main underwriters and bookkeepers.

The Board of Directors has authorized FLI’s management to assess all aspects of the proposed offer, including the timing and the interest rate.

The last time FLI appealed to the local debt market was in November of last year when it issued 8.1 billion pesos in three- and 5.5-year bonds bearing interest rates. interest of 3.3353% and 4.1838% per annum, respectively. Previously, FLI had been absent from the local bond market for five years.

Last August, FLI also raised 12.6 billion pesos from the public debut of its real estate investment trust focused on business process outsourcing.

At the end of June of this year, FLI had a land inventory of approximately 1,851 hectares of raw land for the development of various projects, including approximately 201 hectares under joint venture agreements.

In the residential segment, FLI has a 30 billion peso project portfolio ready to go as market conditions improve. FLI is looking to expand to new regions across the country, such as Bataan, Naga, Dagupan and General Santos.

FLI’s capital expenditure in the first half of this year amounted to 5.78 billion pesos.

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