Published : Wednesday, April 11, 2012 00:00 [ manilatimes.net ]
Written by : KRISTA ANGELA M. MONTEALEGRE REPORTER
Filinvest Land Inc. (FLI) recently obtained board approval to issue up to P11 billion worth of fixed-rate retail bonds, the property developer said in a regulatory filing.
The seven-year bonds will be issued in two tranches. The first tranche, worth P7 billion, will be issued within the second quarter, while another P4 billion will be offered in the second half.
The latest bond issuance, which has been assigned a PRS Aaa rating by the Philippine Rating Services Corp., is subject to the approval of the Securities and Exchange Commission.
BDO Capital and Investment Corp., BPI Capital Corp. and First Metro Investment Corp. are the joint issue managers and joint lead underwriters. Hongkong and Shanghai Banking Corp. will also be one of the joint lead underwriters. East West Banking Corp. was tapped as the selling agent of the bonds.
The bonds will be used to partially finance FLI’s P15-billion capital expenditures budget this year, which will bankroll the construction of the various residential projects across all market segments and the expansion of the company’s office and retail space.
For 2012, the property developer intends to launch about P14.5 billion worth of projects equivalent to over 12,000 units.
FLI’s net income hit P2.94 billion, 0.40 percent lower than previous year’s P2.95 billion, which included a gain from the purchase of its former partner’s stake in Northgate Cyberzone and part of Timberland Heights.
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