THE COUNTRY’S oldest business house Ayala Corp. is seeking approval from the Securities and Exchange Commission to raise up to P20 billion from a bond offering under a shelf registration program.
The first tranche of the offering is an issuance of P10 billion in bonds due 2023, based on AC’s preliminary prospectus dated May 11.
BDO Capital & Investment Corp. was mandated as the issue manager while joint lead underwriters include BPI Capital Corp., China Bank Capital Corp. and First Metro Investment Corp.
After the initial P10 billion offering, the succeeding tranches of the bond program are proposed to be issued under a shelf registration program, whereby securities to be issued in tranches may be registered for an offering to be made on a continuous or delayed basis for a period not exceeding three years. The issuer is allowed to use the same prospectus for various tranches of securities offering under such mechanism.