The Securities and Exchange Commission (SEC) has approved the P15-billion bond sale plan of AREIT Inc.
The real estate investment trust of Ayala Land Inc. is looking at initially raising P3 billion from the approved bonds sale, due 2023.
The proceeds will be used to refinance debt and to partially finance the acquisition of The 30th, a mixed-use commercial development in Pasig City, it said.
The bonds will be listed and traded at the Philippine Dealing & Exchange Corp. AREIT plans to hold the bond sale between December 13 and 16 with listing on December 23.
AREIT tapped BPI Capital Corp. and BDO Capital & Investment Corp. as the joint lead underwriters and bookrunners for the transaction.
The SEC has also approved CityLand Inc.’s P500- million commercial papers issuance.
The sale of the commercial papers will be used for project-related costs, payment of maturing loans or notes, and interest expense.
Among others, the proceeds from the offering will be used to partially finance the construction of One Premiere, a 27-storey commercial and residential condominium in Las Pinas City.
