Securities and Exchange Commission approved the plan of Filinvest Land Inc., the property unit of the Gotianun family, to issue P5 billion worth of three- and five-year fixed rate bonds.
Filinvest Land said it would use proceeds of the bonds to finance the company’s capital requirements in 2009 and 2010.
BDO Capital and Investment Corp., BPI Capital Corp. and First Metro Investment Corp. are the joint lead managers and underwriters for the bond float with China Banking Corp. and RCBC Capital Corp. acting as co-lead underwriters.
Filinvest Land, which is into the development of low- to middle-income residential units and medium-rise buildings, earlier said it planned to spend P5.5 billion this year for various property projects.
The company this year will launch 29 new projects and phases, mostly housing units catering to the low- to middle-income market, with an estimated combined value of P7.4 billion.
It is building five to six new medium-rise buildings in Sta. Mesa, Manila; Ortigas Extension; and Marcos Highway in Pasig City; and in Davao and Cebu.
Also in the pipeline is The Linear, a high-rise residential condominium project along Yakal and Maluggay Streets in Makati City.
The company will start developing a 50.6-hectare property in Cebu after signing a joint venture agreement with the city government early this year. The development forms part of the 300-hectare reclaimed land project.
Filinvest Land will develop 40 hectares over a period of 20 years under a revenue-sharing agreement with the local government of Cebu.
