Property developer Ayala Land Inc. set the interest rate for its P8-billion fixed-rate bond offering at 7.0239 percent per annum.
Based on the final prospectus filed with the Securities and Exchange Commission, Ayala Land said it would issue in October the P8-billion five-year bonds, which represents the sixth and final tranche from its P50-billion debt securities program filed in 2015.
Net proceeds from the bond offering will be used to partially finance the company’ general corporate requirements, including construction of additional office buildings hotels, retail developments and other leasing projects within its mixed-use estates.
Offer period will be from Sept. 24 to Sept. 28 while issue date was set on Oct 5. The bonds will be listed with the Philippine Dealing & Exchange Corp.
Ayala Land tapped BDO Capital and Investments Corp., BPI Capital Corp., Chinabank Capital, First Metro Investments Corp., PNB Capital, East West Banking Corp. and Standard Chartered Bank as the joint lead underwriters and joint book runners for the bond offering.