FLI files for SEC nod on third tranche of P35-B bond program

FILINVEST LAND, INC. (FLI) has filed a registration statement with the Securities and Exchange Commission (SEC) for the offer and issuance of up to P11.57 billion in fixed-rate peso bonds with tenors of up to 10 years.

“This latest bond issuance will be the third tranche out of its P35-billion shelf-registered Philippine peso-denominated fixed-rate bonds of the company approved by the SEC under SEC MSRD Order No. 64, Series of 2023,” the company said in a disclosure on Monday.

FLI said the bonds will be issued in Philippine pesos and structured into three subseries with different maturity dates: 3.5-year bonds maturing in 2029, five-year bonds due in 2031, and 10-year bonds maturing in 2036.

The base offer is set at P9 billion, with an oversubscription option of P2.57 billion.

In an earlier disclosure, the company said it had appointed BDO Capital & 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. as joint lead underwriters and bookrunners for the planned bond offering.

FLI also appointed the Philippine Depository & Trust Corp. (PDTC) as registrar and paying agent for the third-tranche bonds, while Philippine Rating Services Corp. (PhilRatings) will provide the issue credit rating.

The company said the planned retail bond offering could raise up to P11.57 billion to fund expansion projects outside Metro Manila.

In March last year, FLI raised P12 billion from the second tranche of its shelf-registered bond program, which it said supported its retail and industrial expansion.

At the local bourse on Monday, shares in FLI fell by 1.3% to P0.76 apiece. — Alexandria Grace C. Magno