Property developer Ayala Land Inc. increased the size of its planned retail bond offering to P10 billion from an initial target of P6 billion.
Ayala Land said in a filing with the Securities and Exchange Commission it planned to issue up to P6 billion in fixed-rate bonds with an oversubscription of up to P4 billion due 2022.
The planned bond offering will be the fourth tranche to be issued under its P50-billion bond-shelf registration approved by the SEC.
“Proceeds of the offer are intended to be used to partially finance the company’s general corporate requirements and/or capital expenditure requirements, particularly for its leasing business,” Ayala Land said.
The fixed-rate bonds were rated Aaa by Philippine Rating Services Corp. Obligations rated PRS Aaa are of the highest quality with minimal credit risk.