23 Jun Filinvest Land raises P11.9B in oversubscribed bonds
PROPERTY developer Filinvest Land, Inc. (FLI) announced on Thursday that it successfully raised P11.9 billion, which will be used to partially finance its capital expenditure program and refinance maturing debt.
The amount was raised through the issuance of three-year and five-year peso fixed-rate bonds, the company said in a statement to the stock exchange.
The bonds — almost 10 times oversubscribed over the base amount of P8 billion — were listed in the Philippine Dealing & Exchange Corp. on June 23, it added.
Proceeds will add to the company’s internally generated funds in support of its continued expansion in affordable and middle-income residential development.
The latest bond issuance, according to the company, will be the third and final tranche out of its P30-billion bonds registered in 2020 under the shelf-registration program of the Securities and Exchange Commission.
FLI President Tristan D. Las Marias said the company has a “strong” line up of more than P30-billion new residential projects and expansions.
“We target to launch in new areas like Bataan, Sta. Maria in Bulacan, Naga in Camarines Sur, and in General Santos, South Cotabato,” he said.
He noted that housing continues to grow at a “stable rate” despite the public health crisis.
“We expect this to further grow as we transition out of the pandemic.”
The company has introduced new recurring business products such as co-living, co-working, and logistics and innovation parks with ready-built warehouses.
The first two buildings of its first co-living development — “The Crib” in Clark Mimosa — are expected to be “operational very soon,” said Chief Executive Officer Josephine Gotianun Yap.
“There are also two more Crib buildings under construction. On the other hand, we envision our Innovation Park in New Clark City in Tarlac and Filinvest Technopark in Calamba, Laguna to be the preferred location of logistics, data centers, e-commerce, light manufacturing, and storage business operators,” she also said.
“This will add to our portfolio of recurring income projects which we aim to infuse into Filinvest REIT at the right time.”
Filinvest Land shares closed 2.3% lower at P0.85 apiece on Thursday. — Arjay L. Balinbin