SEC approves FLI’s P10 billion bond issue

MANILA, Philippines — Filinvest Land Inc. (FLI), has received the green light from the Securities and Exchange Commission (SEC) to sell up to P10 billion in fixed-rate bonds.

In a disclosure, FLI said it received the certificate of permit to offer securities for P8 billion worth of fixed-rate bonds with an over-subscription option of up to P2 billion, proceeds of which will be used for general corporate requirements.

“The bonds consist of four-year 2025 bonds with an interest rate of 4.5030 percent and six-year bonds due 2027 with interest rate of 5.2579 percent per annum,” FLI said.

This latest bond issuance marks the second tranche out of its P30 billion shelf registration program filed with the SEC.

FLI last year filed for a shelf registration for the P30 billion worth of bonds to meet various funding requirements such as refinancing FLI’s maturing debt and to fund its capital expenditures and general corporate requirements.

The company issued the first tranche of the shelf registered bonds on Nov. 18, 2020, amounting to P8.1 billion.

For the second tranche, FLI tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters and bookrunners to manage the public offer and issuance.

In the nine months to September, FLI recorded a net income of P3.2 billion, up 21 percent from the same period last year.

FLI is behind more than 200 residential developments across the country. Its township includes large-scale townships namely Havila (306 hectares), Timberland Heights (677 hectares) and Manna East (60 hectares) in Rizal, Ciudad de Calamba (350 hectares), City di Mare in Cebu (50 hectares) and Palm Estates in Talisay City (51 hectares).

FLI is also developing two townships in the Clark Special Economic Zone: its industrial and logistics park and mixed-use development at New Clark City (288 hectares) and Filinvest Mimosa+ Leisure City (201 hectares) in partnership with Filinvest Development Corp., the Gotianun-led listed conglomerate.