MANILA, Philippines — Gotianun-led Filinvest Development Corp. raised P8 billion from its maiden preferred shares offering, which was listed on the main board of the Philippine Stock Exchange (PSE) on Friday.
The preferred shares were issued under two series and were now trading under the symbols “FDCPA” for Series A and “FDCPB” for Series B.
The offering was conducted from July 21 to July 31 and received strong interest from both institutional and retail investors. The total offering was 1.66 times oversubscribed from the base offer of P6 billion, allowing the company to fully exercise its P2-billion oversubscription option.
“Our successful maiden preferred shares issuance marks a historic milestone in our corporate history and demonstrates investor confidence in [Filinvest]’s vision and our commitment to sustainable growth,” Filinvest President and CEO Rhoda Huang said.
“We are very thankful for the exceptional support that we received from our investors, and we are excited to continue building on our momentum and delivering long-term value to our stakeholders,” she added.
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The Series A and Series B preferred shares carry initial dividend rates of 6.6253 percent and 7.1087 percent per annum, respectively.
Proceeds from the offering will be used to refinance existing obligations and support the firm’s key growth initiatives, including developments across Filinvest’s core businesses such as residential real estate, consumer banking, hospitality, and power generation.
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The Philippine Rating Services Corporation (PhilRatings) assigned an Issuer Credit Rating of PRS Aaa (corp.) with a Stable Outlook for the issuance, its highest rating, reflecting FDC’s “very strong capacity to meet its financial commitments relative to other Philippine corporates.”
BPI Capital Corporation served as the sole issue manager for the offering, while BDO Capital & Investment Corporation, China Bank Capital Corporation, Land Bank of the Philippines, and Security Bank Capital Investment Corporation acted as joint lead underwriters and bookrunners.
