SEC approves Filinvest Development's P7-B fixed rate bonds


Posted at Jan 13 2014 12:59 PM | Updated as of Jan 13 2014 10:33 PM

MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved Gotianun-led Filinvest Development Corp.'s (FDC) issuance of P7 billion fixed rate bonds.

In a statement, FDC said the SEC has issued a "Certificate of Permit to Offer Securities for Sale" for its P7 billion bonds, with an option for oversubscription of up to P3 billion.

FDC is offering the fixed-rate retail bonds with a term of 10 years. The bonds will be issued in minimum denominations of P50,000 each, and in integral multiples of P10,000 thereafter. The bonds will yield an interest of 6.1458% per annum.

The offer period is from January 13 to January 17, 2014. Issue date is on January 24, 2014.

Philippine Rating Services Corporation (Philratings) recently assigned the highest rating of PRS Aaa to FDC’s bonds.

Philratings said the rating reflects the company’s steady earnings and diversified business portfolio, strong financial flexibility and maintenance of good credit standing, among others.

BPI Capital Corporation is the issue manager and is likewise a joint lead underwriter for the P7 billion bonds together with BDO Capital & Investment Corporation, First Metro Investment Corporation and Standard Chartered Bank. China Bank is a co-lead underwriter and East West Banking Corporation is the selling agent.