Filinvest Land Inc. said it plans to issue P35 billion worth of bonds in tranches, with an initial P22 billion set for immediate issuance.
The realtor said it has applied for regulatory approval of the plan. The first tranche is divided into an initial P12 billion with a tenor of five years and another P10 billion of 3.5 year termed bonds to cover the oversubscription option.
FLI said credit rating Philippine Rating Services Corp. assigned the bonds sale a PRS Aaa rating to highlight its minimal credit risk.
“A rating of PRS Aaa is the highest credit rating on PhilRatings’ long-term credit rating scale,” FLI noted.
The company tapped BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters and bookrunners.
“After the close of the offer and within three years following the issuance of the first tranche, the company may, at its sole discretion, offer any or all of the remaining balance of the aggregate principal amount of the bonds,” FLI said.
