SEC OKs FLI’s P8-B retail bond issuance
MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved Filinvest Land Inc.’s plan to issue as much as P8 billion in retail bonds.
Based on documents filed with the SEC, the Gotianun-led property developer plans to issue P5 billion in fixed-rate retail bonds with an oversubscription option of up to P3 billion bonds.
The bonds will be issued in seven- and 10-year tenors.
“Proceeds from the bond offer will be used to partially finance the company’s capital expenditure requirements for the third quarter of the year and in 2016 totalling to P20.2 billion,” FLI said.
Of the P20.2 billion capital spending program, P6.75 billion has been earmarked for retail leasing, P5.43 billion for commercial property/office leasing, P4.51 billion for residential and P3.49 billion for Filinvest Cyberparks/office leasing.
FLI also intends to utilize internally generated funds to cover its expenditure requirements.
The bond issue obtained a rating of PRS Aaa, the highest credit rating from local debt watcher Philippine Rating Services Corp.
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