MANILA, Philippines — The Securities and Exchange Commission gave the go-ahead to Ayala Land Inc.’s shelf registration that covered up to P50 billion in bonds.
In a statement on Thursday, the regulator indicated that Ayala Land's shelf registration covered bonds that the property developer could issue in one or more tranches within three years.
The SEC noted that Ayala Land could possibly rake in P21.73 billion if the oversubscription option is taken. Proceeds will be used to fund capital expenditures and refinance short-term loans.
The first tranche of Ayala Land's sale will be an offer of up to P12.25 billion of five-year and 10-year bonds, which include an oversubscription option of up to P5 billion.
The company will offer up to P4.75 billion worth of bonds that covers the fourth and final tranche of its current P50-billion debt securities program.
The SEC indicated that Ayala Land's bond offer will be put up for sale from June 14 to 20. The offer will be listed on the Philippine Dealing and Exchange Trust on June 27.
Ayala Land hired 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 book runners for the offer. — Ramon Royandoyan