GOTIANUN-LED Filinvest Development Corp. (FDC) has set Jan. 30 next year as the issue date for the first tranche of its planned peso-denominated fixed-rate bond offering of up to P32 billion.
In a preliminary prospectus posted on its website, FDC said the public offer period for the bond issuance is from Jan. 15 to 19 next year. The first tranche of the offer is up to P7 billion in fixed-rate bonds with an oversubscription option of up to P3 billion due 2026.
The registration statement for the bond offering was filed with the Securities and Exchange Commission (SEC) on Nov. 21.
FDC said it expects to generate P9.87 billion in net proceeds if the oversubscription option is fully exercised.
Some P6.87 billion of proceeds will be used to partially finance the full redemption of the company’s P8.8 billion fixed rate bonds issued in January 2014, while P3 billion will be used to partially fund FDC’s capital expenditure in renewable energy and water projects, hospitality, and digitalization projects.
FDC tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as the joint lead underwriters and bookrunners.
As of the third quarter, FDC logged a 57% increase in its attributable net income to P5.9 billion from P3.8 billion a year ago. The company’s total revenues and other income grew by 26% to P64.6 billion compared to P51.1 billion last year.
FDvC’s subsidiaries include Filinvest Land, Inc., EastWest, and FDC Utilities, Inc.
Shares of FDC were last traded on Nov. 20 at P5.13 apiece. — Revin Mikhael D. Ochave