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Filinvest Land completes P3-billion fund-raising

Posted on July 07, 2011 11:34:38 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Filinvest Land, Inc. has completed its bond sale, raising P3 billion in fresh capital, the company said in a disclosure yesterday.
 “Proceeds from the bonds will partially finance Filinvest Land’s capital expenditures for 2011,” the company said.

The listed company has allotted P12 billion for capital expenditures this year, more than double the P5 billion it spent in 2010, to expand its real estate portfolio.

The bonds were sold on June 27 to June 30 and were issued to buyers yesterday.

Filinvest Land said the bonds will mature in five years and three months, carrying a yield of 6.1962% per annum.

“The bonds were more than two times oversubscribed,” the property firm said.

Sister firm East West Banking Corp. was hired as the selling agent while Unicapital, Inc. acted as the issue manager and underwriter for the bond sale.

The bonds were sold in minimum denominations of P50,000 each, and in integral multiples of P10,000 thereafter.

In May, credit rater Philippine Rating Services Corp. had assigned the highest credit rating for a total of P8-billion bonds issued by the property developer.

Profits of Filinvest Land jumped by 14% to P620 million in the first quarter, from P545 million in the same period last year on the back of brisk sales in residential projects and higher earnings from existing office and commercial space projects.

The company is targeting to launch around P13 billion worth of developments in 2011 composed of 17 new projects and 24 additional phases of existing projects, according to earlier reports.

Shares in Filinvest Land, which has a market value of P29.1 billion, rose by 0.8% to P1.26 each yesterday. -- Neil Jerome C. Morales

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