Filinvest Land, Inc. lists PhP 7 Billion Bonds due 2020 and 2023 on PDExPosted on: November 8, 2013
Makati, Philippines, 08 November 2013, Friday- Filinvest Land, Inc. (FLI) rang the PDS ceremonial bell a fourth time for its latest issue, signifying the start of trading of its P7 Billion Fixed Rate Bonds due 2020 and 2023 on the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market.
The market community has witnessed FLI’s collaborative efforts and inclination in lengthening the tenor of its offerings, from a combination of 3 years and 5 years in 2010 when they first entered the marketplace, followed by 5 years in 2011, then 7 years in 2012, and to 10 years this time around.
“This shows Filinvest’s capacity and competence to raise substantial amounts of long-term funding from the domestic debt market, as well as the increasing confidence of investors, particularly the retail segment, to invest for the long-haul,” said PDEx Chairman Cesar B. Crisol in his welcome remarks.
FLI’s listed security, the P4.3 billion seven year bonds and P2.7 billion ten year bonds carry a coupon rate of 4.8562% and 5.4333% per annum respectively. Philippine Rating Services Corp. (Philratings) assigned the PRS Aaa score for the FLI’s long-term bonds. According to PhilRatings, obligations rated PRS Aaa are of the highest quality with minimal credit risk. It signifies the institution’s extremely strong capacity to meet its financial commitment on the obligation.
The net proceeds of the issue will be used by FLI to partially finance its capital expenditure requirements for the fourth quarter of 2013 and in 2014.
For her part, FLI President & CEO Josephine G. Yap said in her speech, “The proceeds from this bonds issue will help FLI establish a solid development pipeline to sustain its aggressive real estate portfolio build-up all over the Philippines.”
This sixth listing for 2013 brings the year-to-date new listings total to PhP 52 billion, and the total level of tradable corporate debt instruments to PhP 313.03 billion issued by 18 companies, with 54 securities being traded.
The event was held at the PDS Group Office at The Enterprise Center, Makati City and was graced by Securities & Exchange Commission (SEC) Market Regulation Director Vicente Graciano P. Felizemenio, Jr. and FLI directors led by President & CEO Josephine M. Yap together with SVP and CFO Nelson Bona.
Also present during the ceremony were the issue participants who made the listing possible: Joint Issue Managers, BDO Capital & Investment Corporation President Eduardo Francisco, BPI Capital Corporation Co-Head of Investment Banking Dennis Montecillo, First Metro Investment Corporation SVP Justin Ocampo, and Selling Agent, East West Banking Corporation President Antonio Moncupa.