Philippines’ Filinvest sells PHP 8 billion fixed-rate bonds for capex

By Marisa Wong

Morgantown, W.Va., Aug. 24 – Filinvest Land, Inc. confirmed that it listed its PHP 8 billion fixed-rate bonds on the Philippine Dealing and Exchange Corp. on Aug. 20. Details of the issuance were not available in Monday’s announcement.

Earlier this month, the company said the Philippine Securities and Exchange Commission approved its previously proposed bond offering.

The company had announced in June that it planned to issue up to PHP 8 billion of bonds in the second half of 2015.

The company said before that it would offer PHP 5 billion of fixed-rate bonds with an oversubscription option for an additional PHP 3 billion of bonds. The bonds were to have seven- and 10-year maturities.

Proceeds will be used to fund Filinvest’s planned capex program, the company said on Monday. This includes financing capital spending for the construction of residential projects and funding retail and office leasing projects in the third quarter of 2015 until the first quarter of 2016, as previously reported.

Filinvest Land is a Manila-based homebuilder.

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