Filinvest Land Inc. said Friday it listed the peso-bond that raised P11.43 billion in fresh capital to fund the real estate company’s capital expenditures and refinance debt.
The listed property development arm of the Gotianun Group said the new capital capital was raised from the sale of 3.5-year peso fixed-rate retail bonds—a debt paper that received a PRS Aaa-rated from the Philippine Rating Services Corp.
The bonds were listed on the Philippine Dealing and Exchange Corp. in Makati City on Friday.
“We take immense pride and gratitude in our investors’ consistent trust in FLI. The impressive response to FLI’s fixed-rate retail bond offering totaling P11.43 billion reflects investor confidence in our company’s prospects and the country’s economic outlook,” said Tristan Las Marias, FLI president and chief executive officer.
FLI earlier mandated BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. to manage the public offer and issuance of the bond.
Proceeds from the bond sale will finance FLI’s capital expenditure program and repay maturing debts. The proceeds will also supplement internally-generated funds supporting FLI’s ongoing growth in affordable and middle-income residential projects and new projects in the industrial and retail segments.
“FLI is posting strong growth performance, and we are on track to meet our forecast for the entire year. Our plans are bearing fruit, and we have our third-quarter growth ratios as evidence,” Las Marias added.
FLI expects to end 2023 with condominium and housing launches completed in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal.
