Filinvest Land plans raising P12B via fixed-rate bond sale

Filinvest Land Inc. said Friday its executive committee has approved the sale of fixed-rate bonds that could raise as much as P12 billion.

The listed property development arm of the Gotianun family said the principal amount will be P10 billion while P2 billion worth of bonds will be earmarked to cover possible oversubscription.

Filinvest Land said the first tranche will have a fixed term of 3.5 years and will be due in 2027. The timing of the issuance and other terms of the fixed-rate bonds will be determined later, the company said.

The property developer usually issue bonds to fund general corporate purposes, including financing capital expenditures and debt repayments.