Property developer Ayala Land Inc. reduced the size of its planned bond offering to P19 billion from an initial target of P22 billion, according to the company’s latest filing with the Securities and Exchange Commission.
ALI said the bond offering would have a base offer of P14 billion, plus an oversubscription option for another P5 billion with five- and 10-year maturities.
The base offer will be comprised of P4.75 billion to be issued as the fourth and final tranche under ALI’s 2021 bond registration program, while the remaining P12.25 billion and P5 billion oversubscription option will be issued under its newly-approved 2023 bond shelf-registration program worth P50 billion.
The property firm originally planned to issue P17 billion worth of bonds with an oversubscription of up to P5 billion.
ALI also reported that it set the interest rates for its peso-denominated fixed-rate bonds. The Series A due in 2028 will carry a fixed interest rate of 6.0253 percent per annum, while the Series B due will have a fixed interest rate of 6.2948 percent per annum. The offer period will be from June 14 to 20.