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Philippines’ Filinvest plans up to PHP 7 billion seven-, 10-year bonds
By Marisa Wong
Madison, Wis., Sept. 15 – Filinvest Land, Inc. plans to issue PHP 5 billion of fixed-rate retail bonds with a PHP 2 billion oversubscription option. The company said it recently filed for approval with the Philippine Securities and Exchange Commission of the up to PHP 7 billion bond issue.
The bonds will have maturities of seven and 10 years.
BDO Capital and Investment Corp. will be the joint issue manager, with BPI Capital Corp. and First Metro Investment Corp. as joint bookrunners and joint lead underwriters.
Proceeds will be used to refinance Filinvest’s bonds and other debt expiring or maturing between the fourth quarter of 2014 and the second quarter of 2015. Remaining funds will be used to partially finance the company’s capital expenditure requirements up to the second quarter of 2015.
Philippine Ratings Services Corp. has assigned a PRS Aaa rating to the upcoming bonds.
Filinvest Land is a Manila-based homebuilder.
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