Written by : Krista Angela M. Montealegre
FILINVEST Land Inc. will list its fixed-rate bonds after securing clearance from the Philippine Dealing and Exchange Corp.
The Gotianun-led property developer said it would list the P3-billion bonds on November 29, paving the way for the secondary market trading of the debt paper, which have a fixed interest rate equivalent to 6.1962 percent per annum.
In June, FLI completed the issuance of the bonds due on October 7, 2016.
The P3-billion bonds have been assigned a PRS Aaa rating by the Philippine Rating Services Corp., or the highest rating assigned by the rating agency.
Proceeds of the issuance would fund this year’s capital expenditure, which more than doubled to P12 billion to finance the development of FLI’s residential and leasing businesses.
On top of P6.9-billion worth of projects launched in the first nine months of the year, FLI intends to roll out another P5.2-billion worth of projects in the fourth quarter. This will bring total launches to P12.1 billion, 17 percent more than last year. In November 2009, FLI issued P5-billion worth of three- and five-year fixed rate bonds.
FLI shares were unchanged at P1.12 each on Friday.
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