FLI bond offer 4x oversubscribed

MANILA, Philippines — Investors gobbled up Filinvest Land Inc.’s  bond offer, allowing the listed Gotianun-led property developer to  raise P10 billion for its  capital expenditure program.

The offering of four-year and six-year peso fixed-rate bonds was more than four times oversubscribed over the base amount of P8 billion.

Company president and CEO Josephine Gotianun-Yap said FLI is growing its recurring income through the different sectors.

“FLI is growing its recurring income portfolio particularly in the logistics/industrial and office space. In addition, we continue to provide the housing requirements of our fellow countrymen as we help build the Filipino dream. FLI is encouraged by the performance of the residential sector in the first nine months of the year with residential revenues increasing by 23 percent, we are hopeful that we are on the way to economic recovery” Gotianun-Yap said.

The bonds attained the highest PRS Aaa rating from local debt watcher Philippine Rating Services Corp. (PhilRatings).

FLI’s large-scale townships include Havila (306 hectares), Timberland Heights (677 hectares) and Manna East (60 hectares) in Rizal; Ciudad de Calamba (350 hectares), City di Mare in Cebu (50 hectares) and Palm Estates in Talisay City (51 hectares).

The company is also developing two townships in the Clark Special Economic Zone: its industrial and logistics park and mixed-use development at New Clark City (288 hectares) and Filinvest Mimosa+ Leisure City (201 hectares) in partnership with Filinvest Development Corp.

It has also built more than 200 residential developments across the country, as well as central business districts such as Filinvest Alabang (20 percent), developer of Filinvest City (244 hectares).

This latest bond issuance marks the second tranche out of FLI’s P30 billion bonds registered in 2020 under the shelf-registration program of the Securities and Exchange Commission.

FLI mandated BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as the joint lead underwriters and bookrunners.