Filinvest Land targets P12 billion from bond issue

MANILA, Philippines — Filinvest Land Inc. (FLI), the listed property developer of the Gotianun Group, is planning to raise up to P12 billion from the issuance of bonds.

FLI said the company’s executive committee has approved the fund-raising activity via the offer and issuance of fixed rate bonds.

The bonds will have a maturity period of up to 10 years, according to the company.

The latest bond issuance will be the second tranche out of FLI’s P35 billion shelf-registered bonds approved by the Securities and Exchange Commission last year.

FLI’s executive committee has authorized its management to evaluate all aspects relating to the proposed offering of the bonds, including the determination of the timing.

Late last year, the company was able to successfully tap the bond market, raising P11.43 billion in fresh funds to fund capital expenditures and refinance debt.

FLI has built a diverse project portfolio consisting of its core best-value homes, townships, mixed-use developments, mid-rise and high-rise condominiums, office buildings, shopping centers and leisure developments.

From January to September, the company posted a consolidated net income attributable to parent of P2.65 billion, up by eight percent year-on-year.

Revenues and other income during the period jumped by 17 percent year-on-year to P18.44 billion on the back of a 21-percent surge in booked residential real estate sales.