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Filinvest Development Corporation announced that its planned international bond offering will be conducted through Filinvest Development Cayman Islands (FDCI), a special purpose offshore vehicle, and will be guaranteed by FDC.
Through FDCI, the investment arm of the Gotianun family intends to offer and issue Reg-S only USD-denominated senior unsecured notes, subject to market conditions. The Bonds, if issued, are expected to be unrated.
The net proceeds from the planned issuance of the Bonds are used to refinance FDC’s existing indebtedness and finance FDC’s investments in digitization, renewable energy, water, desalination and wastewater, district cooling and other infrastructure projects.
FDC informed the Philippine Stock Exchange that it has appointed UBS AG Singapore Branch as Single Global Coordinator, Joint Lead Manager and Joint Bookrunner and Standard Chartered Bank as Joint Lead Manager and Joint Bookrunner together with UBS for the transaction.
The firm previously said it is considering raising both debt and equity funds to support its P25.7 billion capital spending program this year.
FDC President and CEO L. Josephine G. Yap said they will continue to diversify into defensive industries as the effects of the pandemic are expected to last for some time.
The company will focus on strengthening its recurring income base comprised of energy leasing, offices and property logistics, and its new investments in renewable energy and environmentally friendly urban solutions under a build-operate-transfer business model.
“At the end of 2019, leasing, energy and sugar contributed close to half of FDC’s final results. The steady stream of revenue from these three segments, coupled with contributions from EastWest Bank, puts us in a strong position to address the next challenges posed by the COVID-19 pandemic, ”said Yap.
He added that “the Group’s business segments have been expanding and diversifying and will continue to do so in the future. We are also on the lookout for possible acquisitions. To maintain that position, it is imperative to establish a capital structure with a careful balance of equity and debt. “
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