• By The Financial District


Ayala Land Inc (ALI) is issuing P6.25 billion worth of fixed-rate bonds which will be listed on the Philippine Dealing &  Exchange Corp (PDEx).

In a disclosure to the Philippine Stock Exchange today, ALI said it has already mandated BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, First Metro Investment Corporation, and SB Capital Investment Corporation to manage a public offer and issuance of  its 5-year fixed rate bonds.

ALI said as part of its Offer, it is extending an  invitation to debt securities investors that currently hold outstanding principal amounts of Ayala Land’s 4.625% bonds due 10 October, 2020 (ISIN/Security ID ALIFXBND2020; PDS Series Code ALI 20 R19) (the “October 2020 Bonds”). 

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 “Bond Exchange”). 

All holders of the October 2020 Bonds that purchase 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 (the “Issue Date”), 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.

Upon issuance, the Bonds will be the fifth tranche of Ayala Land’s Securities Program whose shelf-registration was rendered effective by the Securities and Exchange Commission on 22 April 2019 for the issuance of an aggregate principal amount of up to Fifty Billion Pesos (₱50,000,000,000). 

The Offer and issuance of 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.  The Bond Exchange would be the first of its kind in the corporate Philippine Peso debt capital markets.

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The Financial District®  2020