The Securities and Exchange Commission approved the P15-billion fixed rate bond offering of Filinvest Development Corp., the listed holding company of the Gotianun Group.
The SEC approved the registration statement of Filinvest on fixed rate bonds worth P8 billion with an oversubscription option for P7 billion. The bonds will have tenors of five and seven years.
The publicly listed holding company will offer the fixed-rate bonds at face value. The offer may comprise of two series”•five-year bonds due 2025 and seven-year bonds due 2027″•at the company’s discretion.
The company will issue the bonds in minimum denominations of P50,000 each and in integral multiples of P10,000 thereafter. They will be listed and traded in denominations of P10,000 on Philippine Dealing & Exchange Corp.
Filinvest plans to use the net process from the bond offering to refinance maturing debt obligations in 2020.
Filinvest has investments in real estate, hotels, financial services, sugar, infrastructure and power generation.
The conglomerate tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp. and First Metro Investment Corp. as joint lead underwriters and book-runners of the offering.
A Filinvest-led consortium earlier acquired a 19.2-hectare reclaimed land in South Road Properties Cebu City for P6.7 billion.
The consortium of Filinvest companies and Sytengco-owned firms signed a deed of absolute sale with the Cebu City government to purchase the property.
The group plans to develop the property into mixed-use development with residential, office commercial and retail components.
FDC is also focused on boosting its infrastructure business.
In January 2019, North Luzon Airport Consortium, comprising of FDC, JG Summit Holdings Inc., Philippine Airport Ground Support Solutions Inc. and Changi Airport Philippines (I) Pte. Ltd., a wholly owned subsidiary of Changi Airports International, was awarded the operations and maintenance contract of the Clark International Airport.
Meanwhile, the SEC approved the planned listing of Altus Property Ventures Inc., a unit of Robinsons Land Corp., by way of introduction of
Altus Property plans to distribute up to 100,000,000 common shares to stockholders of Robinsons Land by way of property dividend.
The dividend shares will then be listed under the small main board of the Philippine Stock Exchange at an initial listing price of P10.10 per share. The price is based on the valuation and fairness opinion of independent advisor Navarro Amper & Co.
PSE rules allows listing by way of introduction if the securities of an unlisted issuer are distributed by way of property dividend by a listed company.
Altus Property, formerly known as Altus San Nicolas Corp., owns and operates Robinsons Place Ilocos in Ilocos Norte.