The Securities and Exchange Commission has approved a plan by Ayala Land Inc. to issue P50 billion worth of fixed-rate bonds

For the first tranche, ALI will offer to the public up to P5.5 billion worth of bonds due 2031, including an oversubscription option of up to P2.75 billion in bonds.

Ayala Land expects to net up to P5.4 billion from the offer, assuming the oversubscription option is fully subscribed.

Proceeds will be used to partially refinance the company’s short-term loans and to fund capital expenditures for projects In Batangas, Laguna and Bulacan.

The bonds, comprising the first tranche, will be offered at face value from October 12 to 18, in time for their listing on the Philippine Dealing & Exchange Corp. on October 26, based on the latest timetable submitted to the SEC.

BDO Capital & Investment Corp. and BPI Capital Corp. are the joint lead underwriters and bookrunners for the offer while RCBC Capital Corp. Is co-lead underwriter.

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Ayala Land gets SEC OK to issue P50B bonds
Source: Filipino Daily Inquirer