Ayala arranges investor calls ahead of dollar offering of perpetuals

By Marisa Wong

Los Angeles, Sept. 15 – Ayala Corp. announced it mandated BPI Capital Corp., Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Ltd., J.P. Morgan (SEA) Ltd., Mizuho Securities (Singapore) Pte. Ltd. and UBS AG Singapore Branch as joint lead managers and joint bookrunners to arrange a series of fixed-income investor calls on Wednesday and an offering of dollar-denominated senior fixed-for-life (non-deferrable) perpetual notes.

The Regulation S notes will be issued by wholly owned subsidiary AYC Finance Ltd. and will be guaranteed by Ayala, according to a Philippine Stock Exchange notice.

The offering is subject to market conditions.

Proceeds will be used to refinance AYC Finance’s 5 1/8% senior fixed-for-life notes and 4.85% senior fixed-for-life notes through a tender offer set to expire on Sept. 24.

Funds from the new notes will also be used to refinance other dollar-denominated obligations.

Ayala is a Makati City, Philippines-based conglomerate.

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