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Andrew Tan repays Fil-Estate debt

Posted on February 08, 2011 08:33:50 PM [ BusinessWorld Online ]
LISTED FIL-ESTATE Land, Inc., now controlled by property tycoon Andrew L. Tan, has repaid debts to a Hong Kong-based creditor.
Fil-Estate Land told the stock exchange the payment has made it “virtually debt-free.”
“Fil-Estate Land has redeemed all of its five-year and one day fixed-rate convertible bonds with a total face value of $25 million,” the company said in a disclosure.
“The company has also fully paid all outstanding loan obligations under a revolving credit facility extended on March 5, 2007 to a wholly owned subsidiary to finance various development projects,” it added.
The convertible bonds were issued in November 2007 and January 2008 under a convertible bond facility agreement with LIM Asia Arbitrage Fund, Inc. Fil-Estate Land subsidiary Fil-Estate Urban Development Corp. borrowed $12.5 million from LIM Asia Arbitrage Fund in March 2007.
“As a result of the redemption of the convertible bonds and full payment of the revolving credit facility, the company is once again virtually debt-free and without any debt service burden, save for a term loan of a wholly owned subsidiary from a local bank,” Fil-Estate Land said.
Funds were obtained from the proceeds of the P5-billion buy-in of Mr. Tan in Fil-Estate Land.
Last month, the Tan-led holding firm Alliance Global Group, Inc. completed the P5-billion acquisition of a majority in the SobrepeƱa family’s Fil-Estate Land.
Shares in Alliance Global rose by 2% to P11.98 while shares in Fil-Estate Land closed one centavo lower at P2.06 each yesterday. -- Neil Jerome C. Morales
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