Fil-Estate Land redeems remaining $25 million five-year convertibles

By Marisa Wong

Madison, Wis., Feb. 8 - Fil-Estate Land, Inc. said it redeemed all $25 million of its five-year and one day fixed-rate convertible bonds issued on Nov. 8, 2007 and Jan. 18, 2008.

The convertible bonds were redeemed with proceeds from a PHP 5 billion subscription from Alliance Global Group, Inc.

The company said it also paid all outstanding loan obligations under a revolving credit facility extended on March 5, 2007 to a wholly owed subsidiary to finance development projects.

The Pasig City, Philippines, real estate company added that following the bond redemption and the loan repayment it is nearly debt free.

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