The Securities and Exchange Commission has approved the shelf registration of property developer Ayala Land Inc. of up to P50 billion in bonds.
The SEC approval covers bonds that may be issued in one or more tranches over a three-year period.
In the initial tranche, Ayala Land will offer up to P12.25 billion in five-year and 10-year bonds, plus an oversubscription option of up to P5 billion.
Also, the company will offer up to P4.75 billion worth of bonds comprising the fourth and final tranche under its P50-billion debt securities program the SEC approved in 2021.
Assuming the oversubscription option is fully exercised, Ayala Land could net up to P21.73 billion from the offering, which will be used to refinance short-term loans and fund capital expenditures.
The bonds will be offered to the public at face value from 14 to 20 June, in time for listing at the Philippine Dealing and Exchange Trust Inc. on 27 June, according to a SEC-submitted timetable.
Ayala Land has picked BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Corp. as joint lead underwriters and bookrunners.
