SEC approves Filinvest Land's P11B bond issue
MANILA, Philippines - The Securities and Exchange Commission (SEC) has given the green light for Gotianun-led property developer Filinvest Land Inc.'s issuance of P11 billion fixed rate bonds.
Based on the documents submitted to the SEC, the bonds will be issued in two tranches. The first tranche of P7 billion will be issued in June, while the rest will be issued in the third quarter of 2012. The bonds will have a term of 7 years.
BDO Capital and Investment Corp., BPI Capital Corp. and First Metro Investment Corp. have been named the joint issue managers
Filinvest has said it will use the proceeds from the offering to partially finance its P15 billion capital expenditures this year.
The property firm has already set aside P5.4 billion to develop medium-rise buildings in Metro Manila, Davao and Rizal. Another P3.8 billion is allocated for the development of properties in Metro Manila, Cavite and Cebu. The rest will be spent for developing subdivisions, acquiring land and building high-rise projects.