Ayala Land Inc. has received approval from the Securities and Exchange Commission (SEC) for its plan to issue up to P50 billion worth of bonds.
The Ayala Group’s property arm said it would issue the bonds in multiple tranches over a three-year period, subject to certain requirements set by the SEC.
For the initial tranche, Ayala Land plans to offer up to P12.25 billion of five-year and 10-year bonds, with an oversubscription option of up to P5 billion.
Additionally, the company will offer up to P4.75 billion of bonds as the final tranche of its existing P50-billion debt securities program, which was previously approved by the Commission in 2021.
If the oversubscription option is fully exercised, Ayala Land could raise up to P21.73 billion from the offering which would be utilized for refinancing short-term loans and funding capital expenditures.
The bonds will be made available to the public at face value from June 14 to 20, with listing on the Philippine Dealing and Exchange scheduled for June 27, as indicated in the latest timetable submitted to the SEC.
To facilitate the offer, Ayala Land has enlisted several joint lead underwriters and bookrunners, including BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Corp.
