Listed property developer Filinvest Land Inc. (FLI) has raised P11.9 billion from the issuance of three-year and five-year peso fixed-rate bonds to bankroll expansion.
In a report to the bourse, the Gotianun-led firm said the offer was almost 10 times oversubscribed over the base amount of P8 billion.
The funding generated from the offering will support its continued expansion in affordable and middle-income residential development.
“We have a strong line up of over P30 billion new residential projects to be rolled out in the coming year in new territories and expansions in our 32 existing townships nationwide,” FLI president Tristan Las Marias said.
“We target to launch in new areas like Bataan, Sta Maria in Bulacan, Naga in Camarines Sur, and in General Santos, South Cotabato. Housing continues to grow at a stable rate despite the pandemic. We expect this to further grow as we transition out of the pandemic,” he added.
The bonds, which attained the highest PRS Aaa rating from the Philippine Rating Services Corporation (PhilRatings), was listed in the Philippine Dealing and Exchange Corp. on Thursday, 23 June.
It was the third and final tranche out of its P30 billion bonds registered in 2020 under the shelf-registered program of the Securities and Exchange Commission.
The company issued the first tranche of the Shelf Registered Bonds of P8.1 billion on 18 November 2020, and the P10-billion second tranche on 21 December 2021.
As part of its expansion plans, FLI recently introduced new recurring business products like co-living development branded as “The Crib” in Clark Mimosa. The company said two more Crib buildings are underway.
The company is also positioning Innovation Park in New Clark City in Tarlac and Filinvest Technopark in Calamba, Laguna to be the preferred location of logistics, data centers, e-commerce, light manufacturing, and storage business operators.