Posted on June 06, 2012 09:29:28 PM [
BusinessWorld Online ]
PROPERTY FIRM Filinvest Land, Inc. has
earned the fixed-income bourse’s endorsement to list P7 billion worth of
fixed-rate bonds this week, a disclosure to the Philippine Stock Exchange
showed yesterday.
“The Philippine Dealing and Exchange
Corp. (PDEx) has approved the listing of the seven-year, P7-billion, fixed-rate
retail bonds issued by Filinvest Land. The said listing shall be effective June
8, 2012,” the disclosure read.
“The PDEx approval paves the way for
the secondary market trading of the bonds. The bonds, with a fixed interest
rate equivalent to 6.2731% per annum, will be due on June 8, 2019,” Filinvest
Land said.
Filinvest Land’s bonds were offered
from May 28 to June 1 in minimum denominations of P50,000 and increments of
P10,000 thereafter.
Last month, the Gotianun-led developer
said that on top of its seven-year bonds, it will also be rolling out a
second-tranche bond issue worth P4 billion, to be offered either in the third
or fourth quarter.
Total proceeds from the two-tranche
bond offer will be channeled toward the company’s capital expenditure for this
year for the construction of 14 new projects and 19 additional phases of
existing residential, office, and retail projects worth a total of P14.5
billion, earlier reports showed.
BDO Capital and Investment Corp., BPI
Capital Corp., and First Metro Investment Corp. were tapped as joint issue
managers, while Hongkong and Shanghai Banking Corp., together with the three
former firms, served as joint lead underwriters.
China Banking Corp. served as co-lead
underwriter while the Gotianuns’ banking arm, East West Banking Corp., acted as
selling agent for the bond issuance.
Shares of Filinvest Land rose by 1.62%
to P1.25 each yesterday. -- Franz Jonathan G. de la Fuente
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