By William Gullotti
Los Angeles, Sept. 17 – Ayala Corp. subsidiary AYC Finance Ltd. announced it priced $400 million of senior 3.9% fixed-for-life perpetual notes, according to a notice on Friday.
The notes priced at par with a fixed coupon of 3.9% for life with no step-up and no reset. The coupon is 40 basis points lower than initial price guidance of 4.3%.
BPI Capital Corp., Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Ltd., J.P. Morgan (S.E.A.) Ltd., Mizuho Securities (Singapore) Pte. Ltd. and UBS AG Singapore Branch are the joint lead managers and joint bookrunners for the transaction.
The notes can be called after five years, and then on coupon payment dates.
The issuance was 4.4-times oversubscribed with the final order book volume exceeding $1.75 billion, according to the notice.
Proceeds will be used to refinance outstanding guaranteed undated notes including funding for concurrent capped tender offers for its $400 million 5 1/8% senior fixed-for-life perpetuals (ISIN: XS1681502537) and $400 million 4.85% senior fixed-for-life perpetuals (ISIN: XS2068075980).
The Regulation S notes will be listed on the Singapore Exchange.
Ayala is a Makati City, Philippines-based conglomerate.
| Issuer: | AYC Finance Ltd.
|
| Guarantor: | Ayala Corp.
|
| Issue: | Senior guaranteed undated fixed-for-life notes
|
| Amount: | $400 million
|
| Maturity: | Perpetual
|
| Bookrunners: | BPI Capital Corp., Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Ltd., J.P. Morgan (S.E.A.) Ltd., Mizuho Securities (Singapore) Pte. Ltd. and UBS AG Singapore Branch
|
| Coupon: | 3.9%
|
| Price: | Par
|
| Yield: | 3.9%
|
| Call: | At par starting Sept. 23, 2026 and then on any coupon payment date
|
| Change of control: | At 101 before Sept. 23, 2026; par thereafter
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 23
|
| Distribution: | Regulation S
|
| ISIN: | XS2386944859
|
| Price talk: | 4.3%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
