Ayala Land Inc. said it has tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., and SB Capital Investment Corp. to facilitate the sale of P6.25 billion bonds.
The company said the bonds will also be offered for swap with Ayala Land bondholders who invested in the company’s bonds due to mature on Oct. 10, 2020.
“Holders of the October 2020 bonds will be provided the option, without any obligation, to settle their subscription (fully or partially) by exchanging at a ratio of 1:1 based on the principal amount of the respective bonds,” the company said.
“All holders of the October 2020 bonds that purchased the bonds and opt for the bond exchange as a settlement option shall receive the accrued interest, net of applicable taxes, as of the day of issuance and listing of the bonds, in cash, on the issue date, which is indicatively set on a date prior to the maturity date of the October 2020 bonds, depending on market conditions, and subject to receipt of regulatory approvals,” Ayala Land added.
The bonds will be the fifth tranche of Ayala Land’s securities program, shelf-registered with the Securities and Exchange Commission in April last year, worth P50 billion.
Ayala Land said the offer and issuance of the bonds “shall be at such price and under such terms and conditions to be determined by the company’s management in consultation with the joint lead underwriters and bookrunners,” it said.
Ayala Land said the bond exchange would be the first of its kind in the corporate Philippine peso debt capital markets.
Once completed, the bonds will be listed with the Philippine Dealing & Exchange Corp.