Filinvest Land Inc. (FLI) on Tuesday secured approval from the Securities and Exchange Commission (SEC) to offer P12 billion in fixed-rate bonds. The sale includes P9 billion in primary issuance and an oversubscription option of an additional P3 billion.
The bond issuance consists of three series: a 5-year bond maturing in 2030 with an interest rate of 6.2916 percent, a 7-year bond due in 2032 yielding 6.655 percent, and a 10-year bond maturing in 2035 offering a rate of 6.8312 percent.
This marks the second tranche of FLI’s P35 billion bond program registered in 2023. The first tranche, issued on 1 December 2023, raised P11.4 billion.
BDO Capital and 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 SB Capital Investment Corp. are acting as joint lead underwriters and bookrunners for the offer. Metropolitan Bank and Trust Company – Trust Banking Group will serve as the trustee.
FLI, a key player in the Philippine property market, is optimistic about the growth of its office leasing and residential segments despite recent challenges. CEO Tristan Las Marias noted that the company’s office leasing business continues to thrive, particularly from government contracts, as the market adjusts to the reduced demand from the exit of Philippine offshore gaming operators (POGO). “Maintaining occupancy levels while expanding office space indicates growth,” Las Marias said, reinforcing FLI’s resilience in a shifting market.
