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Filinvest Land to list bonds

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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