FLI unit to issue up to P5 B bonds
Zinnia Dela Peña (The Philippine Star) - April 17, 2017 - 12:00am

MANILA, Philippines - Cyberzone Properties Inc., a wholly-owned unit of Filinvest Land Inc.,  is tapping the debt market to raise as much as P5 billion from the sale of five to 10 year bonds.

The company develops and leases office buildings and spaces, and customized/built-to-suit buildings. It offers solutions for technology-based companies engaged in business process outsourcing, education, software design and multimedia,  e-commerce, banking and other IT support businesses. 

Proceeds from the offering will be used to partly fund capital expenditure requirements for existing and new buildings.

Projects under construction include Vector Three, Megablock Parking, Filinvest Axis Towers 1 to 4 and Filinvest Cebu Cyberzone Towers 2 and 4.

The bond issue, which includes an oversubscription option of P1 billion, was assigned a PRS Aaa credit rating with a Stable outlook by the Philippine Rating Services Corp. (PhilRatings). 

Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. 

PRS Aaa is the highest rating assigned by PhilRatings. 

A Stable outlook means that the assigned issue credit rating is likely to remain unchanged in the next 12 months.

PhilRatings considered the firm’s competitive and focused office portfolio which has been consistently growing, synergies with the Filinvest Group, including an established brand name and track record, along with a highly-experienced management team, and consistently growing profitability with strong margins.

CPI accounts for about 77 percent of FLI’s total gross leasable area as of the end of 2016. 

Most of CPI’s office buildings are located in Northgate Cyberzone, within Filinvest City in Alabang, Muntinlupa City, while some are in Cebu Cyberzone in Lahug, Cebu City. Both locations are declared as Special Economic Zones (SEZ) by the Philippine Economic Zone Authority (PEZA). 

Businesses situated in a SEZ are given various non-fiscal and fiscal incentives such as special non-immigrant visas and income tax holiday for up to six years, among others.

 

 

 

CYBERZONE PROPERTIES INC.
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