Filinvest Land raises P3-B from bond offer

ABS-CBN News

Posted at Jul 07 2011 05:44 PM | Updated as of Jul 08 2011 01:44 AM

MANILA, Philippines - Gotianun-led property firm Filinvest Land Inc. has raised P3 billion via a retail bond offer to fund expansion.

In a stock exchange disclosure, Filinvest Land said the bonds were more than two times oversubscribed during the offer period, which ended June 30.

The bonds carry maturity of five years and three months, and have a yield of 6.1962% per annum.

The bonds were assigned the highest rating of PRS Aaa by the Philippine Rating Services Corp.

Filinvest Land said offer proceeds will be used to fund its capital expenditures this year. The company earlier said it would spend P12 billion in 2011, more than double what it spent in 2010, to expand its residential and leasing portfolio.