PROPERTY developer Filinvest Land Inc. has raised P9 billion through a retail bond issuance, completing the third tranche of a P35-billion shelf registration program.
The company on Wednesday said the 3.5-year peso-denominated fixed-rate bonds were listed on the Philippine Dealing and Exchange Corp. on June 2.
The offer was oversubscribed by three times, it added.
Filinvest Land said proceeds would be used to refinance maturing debt incurred for capital expenditures tied to its residential and commercial businesses.
The bond issue received a PRS Aaa rating from Philippine Rating Services Corp.
“The strong response to our bond offering reflects the continued confidence of the investing public in Filinvest Land’s long-term direction and fundamentals,” President and CEO Tristan Las Marias said.
The transaction was arranged by BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, RCBC Capital Corp. and SB Capital Investment Corp., which served as joint lead managers and underwriters.
BPI Asset Management and Trust Corp. acted as trustee .
Filinvest Land shares on Wednesday dropped P0.01, or 1.41 percent, to close at P0.70 each.
