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Philippines' Filinvest Development to offer PHP 7 billion 6.14% bonds
By Marisa Wong
Madison, Wis., Jan. 14 - Filinvest Development Corp. plans to offer PHP 7 billion of 6.14% fixed-rate bonds with an up to PHP 3 billion oversubscription option, according to a 17-C filing with the Philippines Securities and Exchange Commission.
The Philippine SEC recently approved the planned offering that was announced in November. The company's board of directors approved the retail bonds on Dec. 3.
As previously announced, BPI Capital Corp. will be the issue manager and a joint lead underwriter along with BDO Capital and Investment Corp., First Metro Investment Corp. and Standard Chartered Bank. East West Banking Corp. will be a selling agent.
Proceeds will be used for capital expenditures, to repay loans and to fund investments in hotel real estate and power generation.
Philippine Rating Services Corp. has assigned a rating of Aaa to the bonds.
Filinvest Development is the Taguig City, Philippines-based holding company of Filinvest Group, a conglomerate with interests in real estate, financing and banking services, sugar, hospitality and power generation.
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