Filinvest Land Receives Approval For ₱35-Billion Bond

Filinvest Land, Inc. has announced that it has obtained the pre-effective letter issued by the Securities and Exchange Commission (SEC).

FLI is currently in the process of submitting the Final Prospectus, as required by the Pre-effective Letter. I Photo: Filinvest Land, Inc.

This follows the SEC's consideration on October 23 of FLI's application for shelf registration of up to Php35 billion in fixed-rate bonds, which may be issued in one or more tranches.

FLI is currently in the process of submitting the Final Prospectus, as required by the Pre-effective Letter. This prospectus will cover the first tranche offering of up to Php10 billion, with an oversubscription option of up to Php2 billion.

Assuming that FLI complies with the other requirements outlined in the pre-effective letter and upon receipt of the Order of Registration and Permit to Sell from the SEC, the public offering of the first tranche of the bond offering will take place from November 16 to November 22, 2023.

The listing date on the Philippine Dealing & Exchange Corp is set for December 1, 2023.

If the oversubscription option is fully exercised, the net proceeds from the offer are expected to amount to P11.85 billion. These proceeds will be used to partially finance the full redemption of the company's bonds and to partially fund capital expenditures.

FLI has engaged the services of BDO Capital & Investment Corp., China Bank Capital Corporation, EastWest Capital Corporation, First Metro Investment Capital, PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation as joint lead underwriters and bookrunners for the offering.

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