FLI pushing through with P12 billion bond issue

MANILA, Philippines — Filinvest Land Inc. (FLI), the Gotianun family’s listed property developer, is tapping the bond market anew as it looks to raise as much as P12 billion from a fresh round of bond offering.

FLI said that it has filed its registration statement with the Securities and Exchange Commission (SEC) in connection with the offer and sale to the public of the fixed-rate bonds approved by its executive committee earlier this month.

The issuance is composed of up to P9 billion-worth of retail bonds with an oversubscription option of up to P3 billion.

It consists of up to three subseries, namely five-year bonds due 2030, seven-year bonds due 2032 and 10-year bonds due 2035.

BDO Capital & 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 Security Bank Capital Investment Corp. were mandated to manage the public offer and issuance.

FLI’s latest bond issuance will be the second tranche out of its P35 billion shelf-registered bonds approved by the SEC last year.

The second tranche bonds will be listed with the Philippine Dealing and Exchange Corp. when issued.

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

The company 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, FLI posted a consolidated net income attributable to parent of P2.65 billion, up 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.