• Filinvest Land gets SEC nod on P8-B bond sale

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    THE Securities and Exchange Commission (SEC) has given Filinvest Land Inc. the green light to issue P8 billion of fixed-rate peso retail bonds.

    In a notice forwarded to reporters on Wednesday, the regulatory body said it approved the FLI bond offering comprising P5 billion as the base offer and an oversubscription option of P3 billion. The bonds are divided into seven-year and ten-year maturities.

    Net proceeds of P7.9 billion after listing fees and taxes will be used for capital expenditures (capex), starting in the third quarter 2015 up to 2016.

    “In addition to the net proceeds of the offering, FLI also intends to utilize internally generated funds, considering that the projected total [capex]for third quarter of 2015 to 2016 is greater than the net proceeds of the offering,” the notice read.

    The bonds were rated PRS Aaa by the Philippine Rating Services Corp. (PhilRatings) and will be listed on the Philippine Dealing & Exchange Corp.

    FLI is allotting P24 billion of capex to fund its pipeline of projects, and compares with the P15 billion earmarked last year.

    In the first quarter of the year, the Gotianun family-led property developer saw its consolidated net income grew by 15 percent to P1.24 billion from P1.08 billion on year. Revenues climbed by 17 percent at P4.56 billion.

    FLI is the property unit of Filinvest Development Corp., and mostly builds mixed-use townships.

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