MANILA, Philippines - Ayala Land Inc. is considering issuing P5 billion in commercial papers next year to support its funding requirements, a ranking official said.
In a recent interview, ALI senior division manager and debt management head Ricardo Ulysses Tabije said the P5 billion forms part of its planned P50 billion fund-raising activity.
“We registered up to P50 billion. As of today, we have already raised P22 billion,” Tabije said.
He said the company would issue fixed rate bonds, Homestarter bonds or commercial papers to raise the entire P50 billion.
“One other series that we haven’t tapped into yet is the commercial paper. We may have the commercial paper series next year. The minimum would be around P5 billion for a commercial paper issuance,” Tabije said.
Proceeds would be used to fund the company’s capital expenditures program and other financing requirements.
Early this month, the company successfully raised P7 billion through the issuance of bonds due 2023.
ALI is also set to issue P3 billion worth of Homestarter bonds.
“The securities program is good for three years so we can draw on it for the next three years. It was approved back in March so we can draw on it up to 2019,” Tabije said.