SUMMARY
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Gotianun-led Filinvest Development Corp. (FDC) announced that a subsidiary will offer $300 million worth of 7-year bonds to finance its capital requirements for 2013 .
In a disclosure to the PSE on Friday, March 22, the company said that its unit Filinvest Development Cayman Islands will be issuing the guaranteed offshore notes at an interest rate of 4.25%.
FDC earlier announced that it is looking to invest P25 billion for developing power plants with a combined capacity of 200 megawatts. It also expressed interest in acquiring power assets.
FDC first planned to open liquified natural gas (LPG) power plants with a combined capacity of 1,500-1,800 megawatts. It then switched to using clean coal and renewable energy. The company is looking to build power plants in Camarines Sur, Davao, Cebu, Negros and other parts of Mindanao.
FDC has interests in property development, banking, sugar milling and power generation. UBS and HSBC will serve as the arrangers for the bond sale.
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