Gotianun-led Filinvest Land Inc. (FLI) has completed redeeming its P3-billion fixed rate bonds issued in 2011, which matured last week.
“The aforementioned bonds which were issued by the Company on July 7, 2011 matured on October 7, 2016, and were paid in full on the same day through our paying agent, the Philippine Depository & Trust Corporation,” FLI said in a disclosure to the Philippine Stock Exchange on Tuesday.
The bonds carried a 6.1962-percent yield per year were more than two times oversubscribed, FLI earlier reported.
It noted the proceeds from the bonds partly financed the company’s P12-billion capital expenditures in 2011.
The bonds received the highest credit rating of PRS Aaa from The Philippine Rating Services Corporation (PhilRatings).
“The ratings assigned reflect the following key considerations: strong growth of FLI’s real estate revenues and higher recurring income from the company’s leasing operations; conservative debt position; and financial flexibility,” PhilRatings earlier said.
Unicapital Incorporated was the issue manager and underwriter, while East West Banking Corporation served as selling agent.
In the first half of 2016, FLI posted a 7 percent rise in net income at P2.47 billion from P2.31 billion a year earlier on the back of higher rental revenues.
Filinvest is the real estate arm of listed Filinvest Development Corporation (FDC).