Filinvest Development Corp. (FDC) is preparing to put up senior dollar bonds abroad, the proceeds of which will be used to invest in infrastructure projects, it said on Friday.

In a stock exchange disclosure, the Gotianun-led holding firm said it would issue the US dollar- denominated unsecured notes via Filinvest Development Cayman Islands, its special purpose vehicle.

It tapped UBS AG Singapore as the sole global coordinator for the bond sale. The bank is joined by Standard Chartered Bank as lead manager and book-runner.

The company has yet to price the Reg-S only bonds, which will be offered elsewhere outside the US. The notes are expected to be unrated, it said.

Besides using the proceeds from the issuance of the bonds for refinancing its existing debts, it will also be used to funnel investments in digitalization, renewable energy, water, desalination and wastewater, district cooling, and other infrastructure projects.

The company’s board signed off the planned issuance of the bonds in July.

In the second quarter, it reported a 39% growth in attributable income to P4.21 billion, despite recording a 24% decline in revenues to P14.72 billion.

This increased its attributable earnings between January and June by 24% to P7.2 billion. Its property, banking, and sugar businesses helped lift its earnings, while its power segment posted a lower contribution, and its hospitality unit incurred a loss.

Its year-to-date revenues dropped by 16% to P31.89 million, though, it was offset by a 6% cut in total costs and expenses at P30.61 billion.

Shares in FDC inched down 0.59% to close at P8.45 on Friday. — Adam J. Ang