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Filinvest to sell P3-B bonds

Posted on June 09, 2011 10:38:30 PM [ BusinessWorld Online ]

FILINVEST LAND, Inc. plans to raise as much as P3 billion through the sale of fixed-rate bonds that will mature in five years and three months, a disclosure released yesterday showed.
Proceeds will be used to finance the developer’s capital spending this year, the disclosure read.

Selling will tentatively start this month, subject to approval of the Securities and Exchange Commission.

“The corporation’s Executive Committee has approved the corporation’s plan to issue and float via public offering of a five years and three months unsecured fixed-rate peso-denominated debt securities with an aggregate principal amount of up to P3 billion,” Filinvest Land said.

The development firms up Filinvest Land’s announcement in May to raise funds for the record P12 billion worth of capital spending this year, more than double the P5 billion it spent in 2010. Spending will be focused on expanding the developer’s real estate portfolio, according to earlier reports.

Filinvest Land assigned affiliate East West Banking Corp. as the sole sales agent. -- N. J. C. Morales

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