Ayala Land offering P6.25B in 5-year bonds | Inquirer Business

Ayala Land offering P6.25B in 5-year bonds

/ 05:14 AM August 20, 2020

Property giant Ayala Land Inc. is selling P6.25 billion in five-year bonds while offering exis­ting investors to get them in exchange for notes that are nearing maturity.

Ayala Land said in a stock exchange filing on Wednesday it had mandated BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp. and SB Capital Investment Corp. to manage the bond sale.


As noted, the offer includes an invitation to existing Ayala Land bondholders whose 4.625-percent bonds are due on Oct. 10 this year.

Ayala Land said they would be provided the option to subscribe to the new offer and settle by exchanging at a ratio of 1:1 based on the principal amount of the respective bonds.


“The bond exchange would be the first of its kind in the corporate Philippine peso debt capital markets,” Ayala Land said.

It added that all holders of the October 2020 bonds who purchase the notes and opt for the exchange as a settlement option would receive the accrued interest—net of applicable taxes—as of the day of issuance and listing of the bonds, in cash, on the issue date.

The builder said this was the fifth tranche of its securities program filed under a shelf registration with the Securities and Exchange Commission last April 22, 2019. The total amount registered was for P50 billion.

Ayala Land said the offer price and terms would be determined by management alongside the deal arrangers.

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TAGS: Ayala Land Inc., Bonds
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