<article><a style="color: #000080" href="http://www.filinvestland.com">Filinvest Land Inc</a>, a real estate developer in the Philippines, has raised up to $171.3 million (P8 billion) through the listing of new fixed-rate bonds.</article>

<a style="color: #000080" href="http://www.filinvestland.com">Filinvest Land Inc</a>, a real estate developer in the Philippines, has raised up to $171.3 million (P8 billion) through the listing of new fixed-rate bonds.
The endeavor is part of the company&#8217;s capital expenditure program — a seven- and 10-year peso fixed-rate bonds – listed in the Philippine Dealing Exchange on Thursday.
&#8220;The bonds attained the highest PRS Aaa rating from the Philippine Rating Services Corporation (PhilRatings),&#8221; Filinvest Land said in a statement.
Due on 2022 and 2025, the fixed-rate bonds had an oversubscription of almost thrice the base amount of P5 billion, enabling the company to exercise the P3 billion oversubscription option approved by the Securities and Exchange Commission.
FLI President and CEO Josephine Gotianun-Yap said the funding tapped from the bond market will allow the company to set aside more than P20 billion for capital spending for the next 15 months as it aims for rapid and sustainable growth.
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“With this bond issuance, FLI is now in full-gear for office and retail space expansion. We are tripling our office and retail rental portfolio to hit close to one million square meters of gross leasable area in the next five years,&#8221; Gotianun-Yap said. &#8220;We tap the long term bond market to match our funding sources with our project horizons.&#8221;
She added Filinvest Land will also spend on residential developments and selective land acquisition as it continues to focus on its core markets – the first-time homebuyers and ultimate end-users.
&#8220;By focusing on Oasis and Spatial medium-rise buildings and the Futura affordable housing projects, majority of our projects serve our core markets and have construction cycles of one year or less for faster revenue recognition and less exposure to construction cost risk,&#8221; Gotianun-Yap added.
In the first half of 2015, Filinvest Land&#8217;s real estate revenues reached P6.6 billion. And on the same period has launched P6 billion worth of projects and targets a total of P16 billion by yearend.
The land developer&#8217;s last trading price decreased 2.07 per cent or P0.040 to close at 1.89 per cent.
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Philippine property developer Filinvest Land Inc has raised up to $171.3 million (P8 billion) via bonds listings.

Philippines' Filinvest Land raises $171.3m via new bonds listings

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Philippines' Filinvest Land raises $171.3m via new bonds listings

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