Filinvest Development Corp. plans to raise up to P15 billion from the issuance of fixed rate bonds.
FDC said in a disclosure to the stock exchange Friday its board approved the issuance of up to P8 billion in bonds with an oversubscription option P7 billion.
The bonds will registered with the Securities and Exchange Commission and will be listed with Philippine Dealing & Exchange Corp.
FDC said the board also authorized the management of the company to finalize the terms of the offering, including the tenor and interest rates of the bonds, and the underwriters.
The company did not say how it plans to use the proceeds from the planned bond offering.
FDC is the listed holding company of the Gotianun Group with investments in real estate, hotels, financial services, sugar, infrastructure and power generation businesses.
A Filinvest-led consortium on Wednesday acquired a 19.2-hectare reclaimed land in South Road Properties (SRP) Cebu City for P6.7 billion.
The consortium of Filinvest companies and Sytengco-owned firms signed a deed of absolute sale with the Cebu City government to purchase the property.
The group plans to develop the property into mixed-use development with residential, office commercial and retail components.
FDC is also focused on boosting its infrastructure business.
In January 2019, North Luzon Airport Consortium, comprising of FDC, JG Summit Holdings Inc., Philippine Airport Ground Support Solutions Inc. and Changi Airport Philippines (I) Pte. Ltd., a wholly owned subsidiary of Changi Airports International, was awarded the operations and maintenance contract of the Clark International Airport.
The consortium has committed to pour in about P6 billion to fit out the new terminal with a capacity that can serve eight million passengers a year, doubling the current rate of the terminal.
FDC is also part of a “super consortium” of the country’s seven largest conglomerates that received an original proponent status to transform the Ninoy Aquino International Airport into a regional airport hub.