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Filinvest Land raises P8B from bonds

By Denise A. Valdez, Senior Reporter

FILINVEST Land, Inc. (FLI) has generated P8.1 billion from a recent bond offering which will support its pipeline of projects for the coming years.

The company listed its bonds at the Philippine Dealing & Exchange Corp. (PDEx) through a virtual ceremony on Wednesday.

“We have tapped the long-term bond market to match our funding source with our project horizons,” Filinvest President and CEO L. Josephine G. Yap said in the program.

“We are thankful for the continued trust of our investors that drove the demand for the FLI bonds, which resulted in an oversubscription of P1.35 billion over the base amount of P6.75 billion, a remarkable feat during this challenging time of the pandemic,” she added.

The bonds FLI sold are composed of three-year and 5.5-year fixed-rate bonds, which have a final rate of 3.3353% per annum and 4.1838% per annum, respectively.

The proceeds from the offering will be used to expand the company’s recurring income portfolio, which now contributes nearly half of FLI’s net income against 29% in 2013.

“FLI is now venturing in developing logistics and innovation parks to be the third leg of its recurring income base. We envision to be the preferred location of logistics, e-commerce hubs, light manufacturing and storage operations at New Clark City and Calamba,” Ms. Yap said.

She also said the company is seeing a V-shaped recovery in its residential sales take-up since coronavirus-related quarantine measures were relaxed.

“FLI remains true to its core competency of affordable and mid-income housing meeting the needs of the majority of the population. Furthermore, we will be launching residential developments alongside mixed-use projects within integrated townships to further showcase the dynamic synergies within our company and its affiliates,” Ms. Yap added.

FLI tapped BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Bank, and SB Capital Investment Corp. as the joint lead underwriters and bookrunners for the offering.

First Metro Investment Corp. served as the co-lead underwriter, while China Banking Corp.—Trust and Asset Management Group served as the trustee.

In the first nine months of 2020, FLI booked an attributable net income of P2.63 billion, down 40% from a year ago due to challenges in its residential business brought by the weakened economy.

Shares in FLI at the stock exchange dipped one centavo or 0.96% to close at P1.03 apiece on Wednesday.

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