Conglemerate Ayala Corp. has approved the offering of dollar-denominated senior fixed-for-life perpetual notes.
In a disclosure to the stock exchange, AC said it has mandated BPI Capital Corp., Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Limited, J.P. Morgan (S.E.A.) Ltd., Mizuho Securities (Singapore) Pte. and UBS AG Singapore as joint lead managers and joint bookrunners.
The notes will be issued by wholly owned unit AYC Finance Ltd. and will be unconditionally and irrevocably guaranteed by AC.
Proceeds from the notes issuance will be used to refinance the issuer’s outstanding dollar-denominated guaranteed undated notes including, among others, through funding of the tender offer and other dollar-denominated obligations.
AYC also announced a concurrent tender offer of its $400 million 5.125% senior fixed-for-life notes and $400 million senior fixed-for-life notes. The tender offer will expire on September 24.
The notes issuance and the tender Offer are part of AC’s active liability management exercise that aims to take advantage of capital markets opportunities if and when they arise.