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Property developer eyes up to P7B from bonds

Posted on September 18, 2013 10:12:46 PM [ BusinessWorld Online ]

LISTED Filinvest Land, Inc. is looking to raise up to P7 billion from bonds, the property developer said in a filing with the Securities and Exchange Commission (SEC).

Filinvest Land said it was offering P5 billion worth of unsecured, fixed-rate, peso-denomiated retail bonds, with an oversubscription option of up to P2 billion.

“The bonds are comprised of seven-year fixed rate bonds due in 2020 and/or 10-year fixed rate bonds due 2023,” the filing read.

The bond’s coupon rate, timetable of the offering as well as intended use of proceeds were not stated in the prospectus sent to reporters by the SEC yesterday.

BPI Capital Corp., BDO Capital & Investment Corp., First Metro Investment Corp. and The Hong Kong and Shanghai Banking Corp. Ltd. were appointed issue managers, while East West Banking Corp. was named selling agent.

Filinvest Land recorded P1.72 billion in profit in the first half, up by 12.42% from P1.53 billion a year ago. In the same comparative six-month periods, revenues increased by 18.48% to P6.22 billion from P5.25 billion, while cost and expenses rose by 23.74% to P4.17 billion from P3.37 billion.

Its shares settled at P1.54 apiece yesterday, unchanged from their finish last Tuesday. -- C. H. C. Venzon          
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