The Securities and Exchange Commission approved the P50-billion bond shelf-registration program of property developer Ayala Land Inc.
It said in a statement ALI may issue the bonds in one or more tranches within a period of three years, subject to the company’s compliance with certain remaining requirements.
ALI will offer up to P12.25 billion of five-year and 10-year bonds, plus an oversubscription option of up to P5 billion in the first tranche.
The company will offer up to P4.75 billion of bonds comprising the fourth and final tranche of its existing P50-billion debt securities program which was approved by the SEC in 2021.
ALI said it would use the proceeds from the fund raising activity to refinance short-term loans and fund capital expenditures.
ALI earmarked P85 billion in 2023 capital expenditures primarily to roll out more malls, residential projects and office developments. It also plans to launch four new estates this year to add to the existing 49 township developments.
The bonds will be offered to the public at face value from June 14 to 20 in time for listing on the Philippine Dealing and Exchange Trust Inc. on June 27, according to the latest timetable submitted to the SEC.
The property firm tapped 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. as joint lead underwriters and bookrunners for the offer.
ALI posted net income of P4.5 billion in the first quarter, up 42 percent year-on-year amid the continued recovery of its residential, malls and office leasing businesses.
First-quarter revenues rose 26 percent to P30.9 billion.
