Developer Filinvest Land Inc. (FLI) of the Gotianun family said it raised P12 billion from the issuance of fixed-rate bonds.
FLI president Tristan Las Marias said during the bond listing at the Philippine Dealing & Exchange Corp. the company would use the proceeds from the fund-raising activity to expand its residential, retail and warehousing businesses.
“The proceeds from this bond issuance will support our capital expenditures to expand retail business and build more ready built factories (RBFs) or warehouses,’ Las Marias said.
He said FLI would expand its retail business with a new mall within Mimosa Estate in Clark, Pampanga. The mall will have 24,000 square meters of gross leasable space (GLA) that will feature many global brands and dining options.
FLI will also use a portion of the funds to build another retail project within its mixed-use development in Cubao. This will have 17,000 square meters of GLA.
Las Marias said that for its RBFs business, the company would use the proceeds to continue investing in the sector to cater to strong demand from foreign and local businesses.
FLI has warehouse facilities in New Clark City Industrial Park and in Ciudad de Calamba in Laguna.
Meanwhile, FLI will also continue to expand its residential business with the planned township developments in Cavite, Bulacan and Iloilo.
It also intends to build more walk-up condominiums in Cavite, Bulacan and Bataan.
FLI issued 5-year bonds due 2030 with interest rate of 6.2916 percent, 7-year bonds due 2032 with interest rate of 6.6550 percent and 10-year bonds due 2035 with interest rate of 6.8312 percent per annum.
The latest bond issuance represents the second tranche of its P35-billion bonds registered in 2023 under the shelf-registered program of the Securities and Exchange Commission.
BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp. Land Bank of the Philippines, RCBC Capital Corp. and SB Capital Investment Corp. acted joint lead underwriters and book runners for the offering.
