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Filinvest to issue P15 Billion fixed rate retail bonds

Iris Gonzales (The Philippine Star) - January 13, 2020 - 12:00am

MANILA, Philippines — Filinvest Development Corp., (FDC), the listed conglomerate of the Gotianun family, plans to issue up to P15 billion in fixed rate retail bonds.

FDC’s board approved the plan in its meeting last Friday.

According to the plan, FDC wants to issue P8 billion in fixed rate retail bonds with an oversubscription option of P7 billion.

The final terms, rates and conditions of the bonds have yet to be determined.

Proceeds would be used for general corporate requirements as the Filinvest Group lays the groundwork for its steady expansion through new projects starting this year.

It has already disclosed plans to develop a 19.2-hectare mixed use project in Cebu.

The project is seen complementing Filinvest’s existing projects in Cebu such as a 40-hectare joint venture development with the Cebu government called City di Mare and the 10-hectare Il Corso commercial project in Cebu’s South Road Properties.

For the 19.2-hectare project, Filinvest partnered with the Cebu City government.

The Filinvest consortium is composed of Filinvest companies and Sytengco-owned companies. It signed a Deed of Absolute Sale with the Cebu City government for the acquisition of the 19.2-hectare property valued at P6.7 billion.

FDC through Filinvest Land Inc. (FLI) is also developing two major townships in the Clark Special Economic Zone -- an industrial and logistics park and mixed-use development at New Clark City (288 hectares) and Filinvest Mimosa+ Leisure City (201 hectares).

The Filinvest Group is one of the country’s biggest conglomerates with investments in residential, commercial, hospitality and business process outsourcing centers and mixed use developments.

Its large-scale townships include the 306-hectare Havila, the 677-hectare Timberland Heights and 60-hectare Manna East in Rizal, the 350-hectare Ciudad de Calamba, the 40-hectare City di Mare in Cebu and the 51-hectare Palm Estates in Talisay City.

In Metro Manila, FLI owns 20 percent of Filinvest Alabang, developer of Filinvest City, a 244-hectare central business district in southern Metro Manila.

 

FILINVEST DEVELOPMENT CORP.
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