We write in connection with the news articles posted in various online sites on October 29, 2023. In the attached news article entitled “FLI bond offer gets nod of SEC” posted in BusinessMirror (Online Edition), it was reported in part that:
“The Securities and Exchange Commission (SEC) has approved the shelf registration of Filinvest Land Inc. (FLI) for up to P35 billion of fixed-rate bonds.
During its en banc meeting, the agency gave its nod to the registration statement of FLI covering peso-denominated bonds which may be issued in one or more tranches.
. . . .
Assuming the oversubscription option is fully exercised, net proceeds from the offer are expected to reach P11.85 billion. Proceeds will be used to partially finance the full redemption of the company’s bonds and to partially fund capital expenditures.
The bonds will be issued at face value from November 16 to 22, in time for listing at the Philippine Dealing and Exchange Corp. on December 1, according to the timetable submitted to the agency.
. . . .”
This is to clarify and/or confirm the following:
1. On 26 October 2023, Filinvest Land, Inc. (“FLI” or the “Company”) has received the pre-effective letter issued by the Securities and Exchange Commission (SEC), following the SEC’s meeting on the same date, during which, FLI’s application for shelf registration of up to Php35billion of fixed-rate bonds which may be issued in one or more tranches, was considered.
2. FLI is yet to submit the Final Prospectus as required under the Pre-effective Letter, which will cover the first tranche offering of up to Php10billion with an oversubscription of up to Php2billion.
3. Subject to FLI’s compliance with the other requirements provided for in the pre-effective letter and upon receipt from the SEC of the Order of Registration and Permit to Sell, the public offering of the first tranche of the bond offering shall run from 16 to 22 November 2023, with a listing date on the Philippine Dealing & Exchange Corp of 01 December 2023.
4. Assuming the oversubscription option is fully exercised, net proceeds from the offer are expected to reach P11.85billion. Proceeds will be used to partially finance the full redemption of the company’s bonds and to partially fund capital expenditures.
5. FLI engaged BDO Capital & Investment Corp., BPI Capital Corporation, China Bank Capital Corporation, EastWest Banking Corporation, First Metro Investment Corporation, PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation as joint lead underwriters and bookrunners for the offer. |