MANILA, Philippines — Filinvest Land Inc. (FLI) reported that its Executive Committee has approved its plan to issue and float via public offering of a five years and three months unsecured fixed-rate peso denominated debt securities (Retail Bonds) worth up to P3 billion.
In a disclosure to the Philippine Stock Exchange, FLI said proceeds from the retail bonds issuance will be used by the corporation to additionally finance capital requirements for 2011.
In a disclosure to the Philippine Stock Exchange, FLI said proceeds from the retail bonds issuance will be used by the corporation to additionally finance capital requirements for 2011.
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| Philippine Stock Exchange |
Issue date is targeted within June 2011, subject to SEC approval. The planned P3 billion retail bonds has been assigned the highest rating of PRS Aaa by Philratings.
Last March, PhilRatings also maintained the highest rating for FLI’s P5 billion bonds, composed of the P500 million bonds (due in 2012) and the P4.5 billion bonds (due in 2014).
PhilRatings said the ratings assigned reflect the strong growth of FLI’s real estate revenues and higher recurring income from the company’s leasing operations; conservative debt position; and financial flexibility.
The rating also reflects the company’s diversified portfolio; established brand name; and favorable industry conditions, the ratings agency said.
In the next five years, PhilRatings said FLI’s forecast hikes in real estate revenues will come from the strong performance of the affordable, middle-income and high-end segments.
MRBs such as Bali Oasis, Capri Oasis, Maui Oasis, One Oasis-Cebu and Amalfi Oasis located in the SRP will enjoy brisk sales.
There will also be an increase in rental income which will come from higher lease rates, the expansion of the Festival Supermall (by an additional 44,000 sq. m.), the turnover of Vector Two Building, the construction of another BPO building in the Northgate Cyberzone and leases at the SRP project in Cebu.
FLI’s debt to equity ratio remained conservative at 0.29x as of end December 2010. This was a result of the relatively unchanged debt level and the build up of retained earnings.
Last March, PhilRatings also maintained the highest rating for FLI’s P5 billion bonds, composed of the P500 million bonds (due in 2012) and the P4.5 billion bonds (due in 2014).
PhilRatings said the ratings assigned reflect the strong growth of FLI’s real estate revenues and higher recurring income from the company’s leasing operations; conservative debt position; and financial flexibility.
The rating also reflects the company’s diversified portfolio; established brand name; and favorable industry conditions, the ratings agency said.
In the next five years, PhilRatings said FLI’s forecast hikes in real estate revenues will come from the strong performance of the affordable, middle-income and high-end segments.
MRBs such as Bali Oasis, Capri Oasis, Maui Oasis, One Oasis-Cebu and Amalfi Oasis located in the SRP will enjoy brisk sales.
There will also be an increase in rental income which will come from higher lease rates, the expansion of the Festival Supermall (by an additional 44,000 sq. m.), the turnover of Vector Two Building, the construction of another BPO building in the Northgate Cyberzone and leases at the SRP project in Cebu.
FLI’s debt to equity ratio remained conservative at 0.29x as of end December 2010. This was a result of the relatively unchanged debt level and the build up of retained earnings.
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