FLI eyes 300-million bond issue overseas
Feb 01, 2013 (Menafn - The Manila Times - McClatchy-Tribune Information Services via COMTEX) --Publicly listed property developer Filinvest Land Inc. (FLI) is looking to issue and float up to 300 million bonds overseas, which will be used by the firm to finance its capital requirements for the current year.
A disclosure to the Philippine Stock Exchange revealed the firm's plan to issue and float bonds in the offshore market with an aggregate principal amount between 200 million to 300 million.
FLI said in the disclosure that the proceeds from the bonds issuance "will be used by the corporation to finance capital requirements for 2013."
"Issue date is targeted within second quarter of 2013, subject to the approval of appropriate government agencies," the company added.
No further details were disclosed.
"The exact amount and other details thereof will be determined by the management," the company said.
In December last year, FLI completed the payment of its three-year fixed rate bonds (FLI 11-12) in the aggregate amount of P500 million, which forms part in its P5-billion fixed rate bonds.
In the firm's earlier disclosure to the local bourse, FLI confirmed that the FLI 11-12 bonds, which forms part of the P5-billion fixed rate bonds that were issued by the company on November 19, 2009, matured on November 19, 2012 and were paid the same day through its paying agent, the Philippine Depository and Trust Corp.
In 2009, FLI got the Securities and Exchange Commission (SEC) approval for the issuance and sale of P5 billion worth of retail bonds.
FLI offered P5-billion worth of fixed-rate three-year and five-year bonds, which was issued in minimum denominations of P50,000 each and in integral multiples of P10,000 thereafter. The bonds were intended to be listed in the fixed income exchange or the Philippine Dealing and Exchange Corp., to allow trading of the instruments in the secondary market.
The company said that the bonds have been priced at the lowest end of the price guidance, based on the firm bids from qualified institutional investors and underwriters. The three-year bonds carried and interest of 7.52 percent per annum, while the five-year bonds carried 8.46 percent.
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