Daily Tribune‘The SEC En Banc voted to approve the registration statement of Filinvest Land for peso-denominated bonds that may be issued in one or more tranches, subject to the company's compliance with certain remaining requirements.’
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The Securities and Exchange Commission, or SEC, has approved the shelf registration of Filinvest Land Inc., or FLI for up to P35 billion worth of fixed-rate bonds.
The Commission En Banc voted to approve the registration statement of Filinvest Land for peso-denominated bonds that may be issued in one or more tranches, subject to the company's compliance with certain remaining requirements, during its meeting on 26 October.
Filinvest Land is offering up to P10 billion worth of bonds due 2027 to the public, with an oversubscription option of up to P2 billion for the first tranche.
Oversubscription option
If the oversubscription option is exercised, the net proceeds from the offer are expected to reach P11.85 billion.
The proceeds will be used to partially finance the full redemption of the company's bonds and to partially fund capital expenditures.
According to the most recent timetable submitted to the Commission, the bonds will be issued at face value from 16 to 22 November, in time for listing on the Philippine Dealing and Exchange Corp. on 1 December.
The company engaged BDO Capital & Investment Corp., China Bank Capital Corporation, EastWest Capital Corporation, First Metro Investment Capital, PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation as joint lead underwriters and bookrunners for the offer.
