Image via WikipediaFilinvest Land, Inc. (FLI) has successfully raised P3 billion from its unsecured fixed-rate peso denominated debt securities (Retail Bonds) which closed on June 30 and was issued on July 7.
In a disclosure to the Philippine Stock Exchange, FLI said the bonds have a term of five years and three months and have a yield of 6.1962 percent per annum. The bonds were more than two times oversubscribed.
Philippine Rating Services Corporation (PhilRatings) assigned the highest rating of PRS Aaa for these bonds as well as the P5 billion worth of three-year and five-year bonds issued in November 2009.
Issue manager and underwriter for the P3 billion bonds is Unicapital Incorporated and selling agent is East West Banking Corporation.
Proceeds from the bonds will partially finance FLI’s capital expenditures for 2011. Earlier this year, FLI disclosed that its capex budget for 2011 is P12 billion, more than double the P5-billion capex in 2010.
PhilRatings said the ratings assigned reflect the strong growth of FLI’s real estate revenues and higher recurring income from the company’s leasing operations; conservative debt position; and financial flexibility.
The rating also reflects the company’s diversified portfolio; established brand name; and favorable industry conditions, the ratings agency said.
In the next five years, PhilRatings said FLI’s forecast hikes in real estate revenues will come from the strong performance of the affordable, middle-income and high-end segments.
http://www.mb.com.ph/node/326044/fli-rai
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