FDC raises $200M

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    Filinvest Development Corp. (FDC) said it has raised $200 million through a five-year bond, the first dollar-denominated bond issuance of the company since 2013.

    The bond carries a coupon of 4.125 percent, payable semi-annually.

    “The notes were priced at a re-offer yield of 4.25 percent which was 25bps tighter than initial price guidance. This represents the lowest coupon ever for FDC in the international bond markets,” the company said.

    “This bond issuance will further optimize our capital structure, as well as position us to pursue new investments in infrastructure and sustainable solutions such as solar energy, water and waste water,” said Josephine Gotianun Yap, FDC president.

    FDC said the proceeds of the bond will be used to finance capital expenditure in digitalization, water, desalination, waste water and renewable energy projects, the district cooling system joint venture, other infrastructure projects, and to refinance some maturing loans as well as for general corporate purposes.

    “The issuance allows us to diversify our funding sources, partially refinance existing debt, and gives us flexibility in managing our maturity profile.” said Nelson Bona, FDC chief finance officer.