Philippines’ Ayala offers up to PHP 10 billion bonds due 2025, 2027 and 2029

By Rebecca Melvin

Concord, N.H., May 13 – Ayala Corp. is offering up to PHP 10 billion of bonds in three series including series C bonds due 2025, series D bonds due 2027 and series E bonds due 2029, according to a Form 17-C filing with Philippines’ Securities and Exchange Commission.

The offering is the second tranche of bonds being sold under the company’s PHP 30 billion debt securities program. There is an oversubscription option for up to an additional PHP 5 billion of bonds.

The fixed-rate bonds have coupons of 4.4542%, 5.6239% and 6.1351%, respectively.

The offering period began Thursday and will conclude on May 18, with listing on the Philippine Dealing Exchange on May 26.

Proceeds will be used to refinance select Philippine peso-denominated obligations and partially to finance capital expenditures.

Ayala is a Makati City, Philippines-based conglomerate.

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