FLI to issue retail bonds

MANILA, Philippines — Filinvest Land Inc., the listed property unit of the Gotianun Group, will issue  up to P11.9 billion worth of three- and five-year fixed-rate peso denominated retail bonds.

The latest planned issue will be the third tranche out of its P30 billion, bonds registered in 2020 under the Securities and Exchange Commission’s shelf registration program.

The bonds will have a base amount of P8 billion, with an over-subscription option of up to P3.9 billion for a maximum  total of P11.9  billion.

FLI issued the first tranche of the shelf registered bonds on Nov. 18, 2020 in the amount of P8.1 billion and the second tranche of P10 billion on Dec. 21, 2021.

Proceeds of the previous tranches were used for FLI’s capital expenditures as FLI targets to grow its recurring income through the different sectors.

“FLI is growing its recurring income portfolio, particularly in the logistics, industrial, and office space. In addition, we continue to provide the housing requirements of our fellow countrymen as we help build the Filipino dream. FLI is encouraged by the performance of the residential sector in the first nine months of the year, with residential revenues increasing by 23 percent, we are hopeful that we are on the way to economic recovery,” said FLI president and CEO Josephine Gotianun-Yap.

The company’s large-scale townships include 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: an 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.

It has also built more than 200 residential developments across the country, as well as central business districts such as Filinvest Alabang (20 percent), developer of Filinvest City (244 hectares).

For the third tranche, FLI mandated 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. to manage this public offer and issuance.

The third tranche bonds shall be listed on the Philippine Dealing and Exchange Corp. (PDEx).