Ayala Land Inc. said looks to raise P22 billion through a bond sale.
Documents from the Securities and Exchange Commission (SEC) showed the realtor eyes to sell P17.25 billion out of a shelf-registered bond sale, in tenors of five years and 10 years, recently approved by the regulator.
Ayala Land applied for a P50 -billion bond sale that it can sell in the next three years.
The first tranche of the P50 billion borrowing planswill complement another bond sales – P4.75 billion – Ayala Land will issue but is sourced from an earlier P50-billion borrowing applied for SEC approval 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 to fund capital expenditures,” the SEC said.
Ayala Land plans to offer the bonds for sale June 14 to 20, and will be listed in the Philippine Dealing and Exchange Trust Inc. on June 27.
