FILINVEST Land Inc., one of the country’s leading property developers, is returning to the bond market with the planned issuance
FLI said in a disclosure to the stock exchange Friday its executive committee approved the issuance of peso-denominated bonds, with an aggregate principal base of P10 billion and an option for another P2 billion.This will be the first tranche to be issued from the company’s proposed P35-billion bond shelf registration program.FLI has nine outstanding bonds listed with the Philippine Dealing & Exchange Corp. worth P34.68 billion. About P2.
The last time FLI tapped the bond market was in December 2021 when it raised P10 billion in fresh capital, consisting of four-year bonds due 2025 with interest rate of 4.5030 percent and six-year bonds due 2027 with interest rate of 5.2579 percent per annum. The property firm plans to launch P16 billion worth of new residential projects this year as it aims to rebuild its revenue stream back to pre-pandemic levels.
FLI net income rose 15 percent in the first half of 2023 to P1.39 billion as consolidated revenues climbed 8 percent to P9.15 billion.
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