Filinvest Development Corp. looks to raise P15 billion through a debt issuance to the public.
The company received regulatory nod for its planned five-year and seven-year bonds that will be issued in tranches of P8 billion as initial offer, and another P7 billion covering the greenshoe option.
The bonds shall be issued 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 the Philippine Dealing & Exchange.
Filinvest expects to net P7,837,325,198 from the base offer and P14,802,726,230 assuming full exercise of the oversubscription option. It will use the net proceeds primarily to refinance maturing debt obligations in 2020.
The company reserves the right to redeem in whole the outstanding five-year bonds at 101.0 percent on the third anniversary of the issue date, or at 100.5 percent on the fourth year.
The seven-year bonds, meanwhile, may be redeemed at 101.5 percent on the fourth year, at 101.0 percent on the fifth year or at 100.5 percent on the sixth year.
BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp. and First Metro Investment Corp. will serve as joint lead underwriters and bookrunners for the offer.
The Securities and Exchange Commission meanwhile has approved the planned property dividend of Altus Property Ventures by its mother company Robinsons Land Corp., and list it with the Philippine Stock Exchange.
The dividend shares, representing 100 percent of the issued and outstanding common shares of Altus Property Ventures, will have an initial listing price of P10.10 per share.
