Filinvest Land, Inc. (FLI) pulled in P9 billion from a retail bond sale, giving the developer fresh cash to refinance debt and fund expansion across its residential and commercial property businesses.
The Gotianun-led firm said Wednesday the offering was three times oversubscribed, due to strong investor demand for its debt even as the property sector continues to grapple with weak market conditions.
"The strong response to our bond offering reflects the continued confidence of the investing public in Filinvest Land's long-term direction and fundamentals," said Tristan Las Marias, FLI President and Chief Executive Officer.
"We are grateful for the trust of our investors as we continue to pursue disciplined growth and create long-term value for our stakeholders."
The 3.5-year peso fixed-rate retail bonds, the final tranche of FLI's P35-billion shelf-registration program, were officially listed on the Philippine Dealing and Exchange Corp. on Tuesday.
Proceeds from the offering will be used to refinance maturing debt tied to capital expenditure projects across FLI's residential and commercial businesses, helping the company optimize its debt profile and maintain financial flexibility as it expands.
The transaction was arranged by BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corporation, East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, RCBC Capital Corp., and SB Capital Investment Corp., which served as joint lead managers and underwriters.
BPI Asset Management and Trust Corp. acted as trustee for the issuance.
FLI reported higher reservation sales in the first quarter despite industry headwinds, driven by demand for value-for-money housing.
Its recurring-income businesses—including malls, offices, and industrial properties—continued to deliver steady earnings and support growth.
Investor appetite was bolstered by the bonds' PRS Aaa rating from Philippine Rating Services Corp., the highest available credit rating.
The rating cited FLI's solid financial position, diversified portfolio, resilient profitability, and healthy liquidity.
