Filinvest Development Corp. (FDC) has redeemed a $300 million dollar-denominated debt.
The fixed-rate seven-year bonds issued on April 2, 2013 had a coupon rate of 4.25 percent.
“From the time of the bond issuance and throughout its entire tenor, the full amount of the bonds was fully hedged against foreign currency exchange risks. In 2013, FDC redeemed $13.5 million of the $300 million fixed-rate bonds at a discount, reducing the principal amount to $286.5 million,” the company said.
“Our continued adherence to our financial commitments is aligned with the Filinvest group’s 60-year unblemished credit track record. FDC is revisiting its plans in light of the potential economic impact of the new coronavirus disease 2019 pandemic. We intend to take a more cautious direction and anticipate that relaxation of the quarantine may come in stages. As such, we would like to adopt a more flexible short term planning process while still mindful of our medium-term strategy,” said Josephine Yap, FDC president.
Gotianun-Yap said the Filinvest group and its Filinvest City Foundation and Andrew Gotianun Foundation are “fully committed to fighting the pandemic hand in hand with the national and local governments.”
