FDC eyes up to P15B via fixed-rate bonds

FILINVEST Development Corp. (FDC) is planning to raise up to P15 billion through the issuance of fixed-rate retail bonds.

In a disclosure to the stock exchange Friday, the Gotianun-led firm said its board of directors has given the company’s management the authority to apply for the issuance in a special meeting that day.

The fixed-rate retail bonds will have an aggregate principal amount of P8 billion and an oversubscription option of up to P7 billion. But FDC noted the final terms and conditions of the offer are yet to be finalized by the management of the company.

FDC will now apply for the registration and licensing of the bonds with the Securities and Exchange Commission (SEC). Once approved and sold, the bonds will be listed at the Philippine Dealing & Exchange Corp. (PDEx).

No other details were disclosed.

FDC has P8.8 billion in outstanding bonds that the Philippine Rating Services Corp. (PhilRatings) previously awarded the top credit rating of “PRS Aaa.” The 10-year bonds were issued in January 2014.

FDC is the listed holding firm of the Gotianun family which controls Filinvest Land, Inc.; East West Banking Corp.; Filinvest Hospitality Corp.; FDC Utilities, Inc. and Pacific Sugar Holdings Corp., among others.

In the first nine months of 2019, the company posted an attributable net income of P8.98 billion to grow 16% from the year prior, as its revenues expanded 17% to P55.26 billion.

FDC shares closed 6 centavos or 0.46% up to P13.16 apiece on Friday. — Denise A. Valdez