Filinvest Land Inc. raised P11.9 billion through a bond sale.
Tristan Las Marias, Filinvest Land president, said the bonds were 10x oversubscribed, a testament to the “solid reception” it received from the capital market.
This signals “investor optimism” over the company’s prospects as well as that of the economy, Las Marias said.
Filinvest Land issued the bonds to refinance maturing obligations and supplement the company’s fund sources for its 2022 capital expenditures.
“Our capex program includes launches of new residential development either as expansion in areas where we already have a strong business presence or as an expansion in new and emerging markets which offer large unserved business opportunities. Our sales and revenues have been growing, and with the help of these new residential inventories that we will launch, we will be able to sustain our growth and recover to pre-pandemic levels faster,” Las Marias said.
“We will also use the proceeds of the bonds to support our new businesses, such as co-living spaces, logistic spaces, and innovation park businesses,” he added.
Las Marias said by the third quarter of the year, Filinvest Land will open The Crib Clark, the realtor’s first co-living development in Clark Freeport, Pampanga. It will be followed by The Crib Alabang and The Crib Mandaluyong.
“In the industrial business segment, we are developing, together with BCDA (Bases Conversion and Development Authority), our Innovation Park in New Clark City in Tarlac and our very own Filinvest Technopark Phase 2 in Calamba, Laguna. Both are poised to become the destination of choice for logistics, e-commerce, light manufacturing, and storage business operators in the Central Luzon and Greater Metro Manila business corridors,” Las Marias said.
The bonds were assigned by the Philippine Ratings Services Corp. its highest rate – PRS Aaa.