Stock News 2012: Filinvest Land gets SEC okay to issue P11-B bonds

Metro Manila Transit Hino NYD-338 (fleet No 782) with Jeepneys in A. Mabini Street, Ermita, Manila, Philippines. (Photo credit: express000)
Gotinuan-led Filinvest Land Inc. has obtained the green light from the Securities and Exchange Commission to issue P11 billion worth of seven-year fixed-rate bonds.

The bonds will be issued in two tranches, the first in June and the balance in the third quarter.

FLI has tapped BDO Capital and Investment Corp., BPI Capital Corp. and First Metro Investment Corp. as joint issue managers.

The bond issue was assigned a PRS Aaa rating – the highest level on the ratings scale of credit issuer agency PhilRatings.

Proceeds from the offering will be used to partly fund FLI’s P15-billion capital expenditure program this year.

About P5.4 billion has been earmarked for the construction of medium-rise buildings (MRBs) in Metro Manila, Davao and Rizal. Another P3.8 billion has been set aside for the development of properties in Metro Manila, Cavite and Cebu. The rest will be spent for developing subdivisions, acquiring land and building high-rise projects.

FLI is rolling out P14.5 billion worth of projects this year, 20 percent higher than the previous level. These projects translate to over 12,000 units.

New projects include a condotel at Timberland Heights and two new MRB projects within Metro Manila.

Around P2.5 billion of this year’s capex would go to the construction of additional office and retail space.

http://www.philstar.com/Article.aspx?articleId=808345&publicationSubCategoryId=66

Related articles

• Filinvest readies P15-B capex (business.inquirer.net)
• MMDA wants '94 quake study for Metro Manila updated (newsinfo.inquirer.net)
• SEC okays Filinvest P11-B bond issue (business.inquirer.net)
• MWSS lines up water projects worth $2B (business.inquirer.net)
• MMDA, Metro Manila officials start preparing for rainy season (newsinfo.inquirer.net)
• Road closures, traffic rerouting for INC 'unity' games on Saturday (newsinfo.inquirer.net)
• Rain cools down Metro Manila, parts of Luzon - Pagasa (newsinfo.inquirer.net)
• Metro Manila's Green Development Blueprint (newsph.org)

Stock News 2011: ERC okays Subic Enerzone's P565-M loan

Image via Wikipedia
A provisional approval was granted by the Energy Regulatory Commission (ERC) on the bid of Subic Enerzone Corporation (SEZ) to secure P565 million loan from Metrobank to be earmarked for its debt refinancing and capital expenditures.

“SEZ is hereby authorized to secure a loan in the amount of P565 million with Metrobank or any banking/financial institution to refinance its outstanding loan and finance its capital expenditure projects,” the regulator has specified in its ruling.

Of the amount, P310 million will be aligned to refinance debt obligations previously secured with the Development Bank of the Philippines (DBP) while the rest will be for its capex program spread through the years.

As culled from its manifestation with the ERC, Subic Enerzone indicated that it would require P165.886 million for capital projects from 2011 to 2015; and another P290.810 million for the years 2016 to 2020. These have been based also on previous approval given by the ERC on its line-up of projects.

“The capex projects for the period 2011 to 2015 are included in SEZ’s application for approval of its annual revenue requirement and performance incentive scheme under the rules for setting distribution wheeling rates,” the ERC decision has emphasized.

http://mb.com.ph/node/326271/erc-okay

Stock News 2011: FLI raises P3B for capex

Image via Wikipedia
Filinvest 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

Stock News 2011: ERC sets higher capex for Meralco this year

Image via Wikipedia
Even as it prodded the power utility giant to extract more efficiencies in its operations, the Energy Regulatory Commission (ERC) is likely to allow slightly higher capital expenditure (capex) for Manila Electric Company (Meralco) this year to P8.308 billion from what the latter has applied for at P7.955 billion.

The power distribution firm has divided its capex program into various components, namely: Distribution plant; non-network plant; connection plant; retail plant; materials and supplies and sub-transmission.

In the 91-page draft determination on Meralco’s third regulatory reset under performance-based regulation (PBR) though, it can be gleaned that there is probability that its approved capex program will continuously go down from 2012 to 2015.

Next year, the regulator indicated that the utility firm may be allowed a capital outlay of P9.444 billion; but this will be pared to P8.412 billion in 2013.

http://www.mb.com.ph/node/298804/erc-