Filinvest Devt to issue up to $300-M bonds
MANILA, Philippines - The publicly listed holding company of the Gotianun family eyes to raise up to $300 million for capital expenditures this year through the issuance of foreign-denominated bonds.
The board of Filinvest Development Corp. approved the plan "to issue and float bonds in the offshore market with an aggregate principal amount between $200 million to $300 million," the company said in a disclosure to the Philippine Stock Exchange on Thursday, January 31.
The bonds may be issued within the second quarter of 2013, subject to regulators' approval, the company added.
FDC said it would use bond proceeds to finance its capital requirements this year.
FDC has investments in property development, banking, sugar milling and only recently, power generation.
In 2012, it announced plans to invest P25 billion for new power plants with combined capacity of 200 megawatts. It said it was also keen on bidding for government power assets. - Rappler.com