Filinvest Land, Inc. (FLI) listed the second tranche of its P30-billion shelf-registered bonds in a fundraising that was more than four times oversubscribed from its base offer of P8 billion.
The company raised P10 billion through its latest issuance, comprising four-year 4.5030% fixed-rate bonds due in 2025 and six-year 5.2579% fixed-rate bonds due in 2027.
In a statement, FLI said the proceeds “will allow the company to implement its capital expenditure program.”
“This latest listing brings the total amount of FLI and its subsidiary bonds to be listed in the PDEx (Philippine Dealing & Exchange Corp.) trading platform to P61.1 billion,” FLI President and Chief Executive Officer Lourdes Josephine Gotianun-Yap said during the listing ceremony on Tuesday.
PDEx President and Chief Executive Officer Antonino A. Nakpil said they were advised that the company’s order book “totaled just over P30 billion or three times the final issue size.”
FLI’s fixed-rate bond listing marks the 21st at the PDEx this year, bringing the year-to-date total of new listings to P208.59 billion. Meanwhile, the total tradable corporate debt instruments stood at P1.29 trillion, which are issued by 53 companies through 189 securities.
FLI’s fixed-rate bond issuance is the second tranche of its P30-billion shelf-registered bonds. The initial P8.1-billion tranche was issued in November 2020.
The company tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., Eat West Banking Corp., First Metro Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. to be the joint lead underwriters and bookrunners of the issuance. RCBC was also assigned as Trustee.
Meanwhile, FLI shares at the stock exchange on Tuesday went down by 0.91% or one centavo to close at P1.09 apiece. — Keren Concepcion G. Valmonte