Philippines’ Ayala Land completes PHP 7 billion retail bond offering

By Marisa Wong

Madison, Wis., April 30 – Ayala Land Inc. said it concluded its PHP 7 billion retail bond offering on Wednesday.

As previously announced, this is the company’s second and final PHP 7 billion tranche of its previously proposed PHP 15 billion fixed-rate bonds.

The offer period was expected to be within the last two weeks of April and the first week of May.

As reported, Ayala was planning to raise a total of about PHP 23 billion from separate bond issuances, including corporate bonds, homestarter bonds and bonds issued by subsidiary Cebu Holdings, Inc., in 2014. Of the total amount, PHP 15 billion was earmarked for the company’s PHP 70 billion capital expenditure program.

In October Ayala announced it would defer further issuances of corporate bonds and homestarter bonds until 2015. The company said it would issue the remaining balance of registered corporate bonds, totaling PHP 7 billion, and up to PHP 5 billion of homestarter bonds in early 2015, because the company had already completed its fundraising activities for 2014.

The company announced on April 7 that it planned to issue up to PHP 2 billion of homestarter bonds, subject to approval from the Philippine Securities and Exchange Commission by the third quarter.

On Thursday, the company said it is in the process of raising the remaining PHP 13 billion balance of its PHP 20 billion borrowing program for 2015. The balance will be comprised of PHP 11 billion of bank loans and the PHP 2 billion of homestarter bonds.

Ayala is a Makati City, Philippines-based real estate developer.

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