Filinvest to raise P10B from new bond issue

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Filinvest Development Corp. (FDC), the listed holding company for the businesses of Gotianun family, is set to issue P10-billion worth of fixed-rate bonds of which proceeds will be used to bankroll the investments in the real estate sector as well as power generation.

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The proposed issuance, which has a 10-year tenor, got a top rating from local debt watcher Philippine Rating Services Corp. (PhilRatings).

FDC is the holding company for the investments of the Gotianun family primarily engaged in real estate operations, both as a developer and landlord, and in banking and financial services. It also has holdings in sugar farming and milling operations, hotel operations, and power generation. The company is also focused on expanding its portfolio to include key infrastructure projects under the Public-Private Partnership (PPP) program of the government.

FDC has several power projects in the pipeline, including the development of the three-unit, 405-megawatt (MW) coal-fired power plant in Misamis Oriental.

In addition, its hotel and/or hospitality business is expected to increase its revenue and net income contribution to the group over the medium to long term, with the planned expansion of the group’s portfolio going forward.

Meanwhile, Filinvest Land Inc. (FLI), a property arm of FDC, has completed the offering of P7-billion worth of peso retail bonds.

In a separate filing on Tuesday, FLI said that it reported to the Securities and Exchange Commission that the offer period for the P7-billion unsecured bond offer, with coupon rate of 4.8562 percent per annum and 5.4333 percent per annum, which are due in 2020 and 2023, respectively, ended on October 31, 2013.

The said bond offering was issued on November 8, 2013, and was listed with the Philippine Dealing and Exchange Corp. organized secondary market on the same date.

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