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The Securities and Exchange Commission (SEC) has considered favorably the shelf registration of Filinvest Land, Inc. for up to P35 billion of fixed-rate bonds. In its meeting on October 26, the Commission En Banc resolved to render effective the registration statement of Filinvest Land covering pesodenominated bonds which may be issued in one or more tranches, subject to the company’s compliance with certain remaining requirements.
For the first tranche, Filinvest Land will offer to the public up to P10 billion of bonds due 2027, with an oversubscription option of up to P2 billion. Assuming the oversubscription option is fully exercised, net proceeds from the offer are expected to reach P11.85 billion. Proceeds will be used to partially finance the full redemption of the company’s bonds and to partially fund capital expenditures. The bonds will be issued at face value from November 16 to 22, in time for listing at the Philippine Dealing and Exchange Corp. on December 1, according to the latest timetable submitted to the Commission. 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.
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