PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
.
.

Filinvest raises $300M from offshore bonds

Posted on March 22, 2013 08:01:31 PM [ BusinessWorld Online ]
CONGLOMERATE FILINVEST Development Corp. has raised $300 million from the issuance of offshore bonds for capital expenditures this year, the firm said in a disclosure on Friday.
"Filinvest Development just raised $300 million from seven-year international bonds last [Thursday] night. It was a landmark issuance, especially since it was Filinvest Development’s inaugural bond issuance in the international debt markets," Lauro C. Baja III, UBS Investments Philippines, Inc. managing director, said in a text message on Friday.
Details on the purpose of the fund raising were not immediately available.
UBS ASG Hong Kong served as the bonds’ sole global coordinator, while both UBS and HSBC acted as joint lead managers.
The bonds were issued in an overnight transaction and the target amount raised, according to UBS’s local affiliate.
The disclosure further stated that guaranteed offshore notes, issued through subsidiary Filinvest Development Cayman Islands, have an interest rate of 4.25%.
Last Jan. 30, Filinvest Development’s board approved plans to issue by the second quarter foreign-denominated bonds worth $200 to $300 million to fund capital expenditures this year.
Filinvest Development, formed in 1955 as a used car financing firm, was incorporated in 1973 as the holding firm of the Gotianun family’s businesses. The company is into real estate, mall and theater operations, banking and financial services, sugar farming and milling, and most recently power generation.
The firm was one of the last firms to comply with the bourse’s 10% minimum public ownership rule when it boosted its public float to 10.16% from a previous 3.35% in Dec. 18 last year following the sale of 636 million Filinvest Development shares by the firm’s controlling shareholder, ALG Holdings Corp.
Company shares rose by five centavos or 0.86% to P5.85 each on Friday from P5.80 last Thursday. -- Franz Jonathan G. de la Fuente       
__________________________________________________________________________

real estate central philippines
Copyright ©2008-2017