Filinvest Land raises P11.4 billion from bond offer

MANILA, Philippines — Filinvest Land Inc. (FLI) has successfully raised P11.4 billion from the bond market to fund capital expenditures and refinance debt.

FLI president and CEO Tristan Las Marias said the company takes immense pride and gratitude in 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,” he said.

Local debt watcher Philippine Rating Services Corp. have given FLI’s 3.5-year peso fixed-rate retail bonds a rate of Aaa for their outstanding quality and minimum risk.

The bonds were listed on the Philippine Dealing and Exchange Corp. (PDEx) yesterday.

Aside from using the funds for capital expenditures and debt financing, FLI will also use it to support internally generated funds.

“The proceeds will also supplement internally generated funds, supporting FLI’s ongoing growth in affordable and middle-income residential projects and new projects in the industrial and retail segments,” it said.

Moving forward, Las Marias said, FLI is expected to post a strong growth performance for this year.

“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,” Las Marias said.

In all, FLI expects to end 2023 with condominium and housing launches completed in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City and the Island Garden City of Samal.

FLI is also accelerating the 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 FLI townships will include residential, commercial, transportation, and school components.

The company tapped 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. to manage the public offer and issuance of the bonds.

Rizal Commercial Banking Corp. - Trust and Investments Group served as trustee.