MANILA, Philippines — Filinvest Land Inc., the listed property developer of Gotianun-led conglomerate Filinvest Development Corp., will tap the retail bond market for the first time this year to raise P10 billion.
In a board meeting yesterday, FLI approved the offer and issuance of P8 billion worth of fixed-rate peso-denominated retail bonds with an oversubscription option of up to P2 billion.
The total amount of the bonds is P10 billion with maturity of four to six years, FLI said in a disclosure yesterday.
The planned issuance represents the second tranche of the company’s P30 billion bonds registered under the shelf-registeration program of the Securities and Exchange Commission.
For the first tranche, FLI issued P8.1 billion in bonds in November last year.
It mandated BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., EastWest Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters and bookrunners.
The bonds shall be listed with the Philippine Dealing and Exchange Corp., the country’s fixed income exchange.
Filinvest REIT made its debut in the stock market on Aug. 12 as the third REIT to list in the local bourse after Ayala Land’s AREIT Inc. and Double Dragon’s DDMP REIT.