Filinvest to raise P15B in fixed-rate bonds
CONGLOMERATE Filinvest Development Corp. plans to raise some P15 billion in fixed-rate bonds, which will be listed at the Philippine Dealing and Exchange Corp.
In its filing with the Securities and Exchange Commission (SEC), Filinvest plans to launch some P8 billion in primary offer and oversubscription option of P7-billion worth of bonds. Its offer consists of five year bonds and seven-year bonds.
Most of the proceeds of the offer of some P14.6 billion will be used by the company to refinance its maturing obligations this year and some P0.2 million will be for working capital.
BDO Capital and Investment Corp., BPI Capital Corp., China Bank Corp., East West Banking Corp. and First Metro Investment Corp. were appointed as the deal’s joint underwriters and bookrunners.
Meanwhile, the SEC also received registration statement of Tagum Global Medical Center Inc. for a primary offer and sale of 36,000 common shares equivalent to 3,600 blocks at an offer price ranging from P200,000 to P400,000 per block for a total of P1 billion. The securities will be traded over the counter.
The 3,600 blocks will be offered in tranches, through a series of offerings at an offer price in progressive amounts. The first 1,400 blocks will be sold at the price of P200,000 per block, the next 600 blocks at the price of P250,000 per block, another 700 blocks at the price of P300,000 per block, next 900 blocks at the price of P400,000 per block.
“The blocks will be sold on a first come, first served basis, subject to prequalification procedures,” the company said in its application.
“The net proceeds that will be generated from the offer shares will be used to construct and develop Tagum Global Medical Center and for pre-operating expenses. Building and installation of all necessary facilities, utilities and amenities for the use and benefits of the holders of common shares and the public,” the company said.
The construction and development cost of the hospital is estimated at P664.39 million, while the rest will be spent mostly for medical equipment and other pre-operating expense.
The construction of Tagum Global Medical Center was led by its Chairman Amado Manuel C. Enriquez Jr. to allow doctors to build, own and manage their own hospitals since they understand their patients’ needs better.
“Majority of its founders and stockholders are experienced hospital builders and administrators involved in various hospital projects,” the company said.
The hospital will be a tertiary medical center with a 179-bed capacity, nine-storey Level II Hospital to be constructed on a 5,000-square-meter lot located at Barangay Visayan Village, Tagum City, Davao del Norte.