Filinvest Land, Inc. (FLI) disclosed that it is planning to issue Php11 billion worth of fixed-rate bonds, subject to the approval of the Securities and Exchange Commission (SEC). FLI intends to issue the bonds in two tranches. The first tranche, worth Php7 billion, will be issued within the second quarter of 2012, while the second tranche worth Php4 billion will be issued later in the year (third or fourth quarter of 2012). The bonds will have a term of seven (7) years.
The bonds will be used to partially finance FLI’s capital expenditures for 2012. Earlier this year, FLI disclosed that its capex budget for 2012 is at Php15 billion.
The Php11 billion bonds have been assigned a PRS Aaa rating by the Philippine Rating Services Corporation (Philratings). The rating agency also maintained the PRS Aaa rating on FLI’s Php500 million three-year bonds (due in November 2012) and Php4.5 billion five-year bonds (due in November 2014) that were issued in November 2009, as well as the Php3 billion five-year bonds (due in October 2016) that were issued on in July 2011. PRS Aaa is the highest rating assigned by Philratings.
BDO Capital and Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation are the Joint Issue Managers.
BDO Capital and Investment Corporation, BPI Capital Corporation, First Metro Investment Corporation and Hongkong and Shanghai Banking Corporation are the Joint Lead Underwriters.
East West Banking Corporation is the Selling Agent.
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