By BusinessWorld,Cedtyclea

Copyright bworldonline

GOTIANUN-LED Filinvest Development Corp. (FDC) has disbursed P6.75 billion from its preferred share offerings to refinance existing debt obligations.

In a regulatory filing on Tuesday, FDC announced the disbursement of proceeds from its issuance of Series A and Series B preferred shares.

The company told the stock exchange that it plans to use the proceeds for partial repayment of loans from China Banking Corp. and East West Banking Corp.

For the second quarter, FDC logged a 44% year-on-year increase in its attributable net income to P3.78 billion, driven by gains across its banking, real estate, power, hospitality, and sugar operations.

Total revenue and other income for the second quarter increased by 1% to P29.21 billion from P29.04 billion a year ago.

First-half attributable net income grew by 34% to P7.43 billion from P5.54 billion in the prior year. Total revenue and other income improved by 5.5% to P58.5 billion.

In July, FDC secured approval from the Securities and Exchange Commission (SEC) for its planned P8-billion preferred share offering.

FDC aims to issue up to 8 million preferred shares priced at P1,000 per share.

The offer will include a base tranche of up to 6 million preferred shares and an oversubscription option of up to 2 million preferred shares.

At the stock exchange on Tuesday, shares in the company closed unchanged at P4.80 each. — Ashley Erika O. Jose