Thursday, July 7, 2011

Filinvest Land raises P3B from oversubscribed bond issue


By Zinnia B. Dela Peña (The Philippine Star) Updated July 08, 2011 12:00 AM

Manila, Philippines - Gotianun-led Filinvest Land Inc. (FLI) said it successfully raised P3 billion from a recent issuance of P3 billion worth of five-year fixed rate peso-denominated bonds, which was more than two times oversubscribed.

In a disclosure to the Philippine Stock Exchange, FLI said the bonds have a term of five years and three months and a yield of 6.1962 percent per annum.

Proceeds from the bond issue will be used to additionally finance capital requirements for the year, which amount to P12 billion or more than double the P5 billion spent in 2010.

The proposed bond issue was assigned the highest rating of PRS Aaa by Philippine Rating Services Corp.

“Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong,” PhilRatings said.

Issue manager and underwriter for the bond issue is Unicapital Inc. while East West Banking Corp. is the selling agent.

FLI is launching P13.2 billion worth of projects this year, 28 percent more than the value of projects launched in 2010.

The projects targeted for launch this year are equivalent to over 14,000 units, almost double the 7,300 units launched in 2010.

The company is expanding its business process outsourcing (BPO) portfolio, which is seen to stand at over 206,000 square meters of gross leasable area upon completion of its projects in the pipeline. This would make FLI one of the biggest BPO office providers in the country.

FLI is also undertaking a major expansion of its commercial operations with the expansion of Festival Supermall in Filinvest Corporate City, Alabang and construction of the first phase of Il Corso, the lifestyle retail component of Citta de Mare in the South Road Properties in Cebu. Upon completion, these projects will add a total of over 50,000 square meters of gross leasable area to FLI’s commercial retail portfolio.

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