Conglomerate Ayala Corp. said Tuesday it signed a $200-million credit facility with Metropolitan Bank & Trust Co. (Metrobank), marking another milestone in their long-standing relationship.
Ayala said it would use the proceeds from the senior long-term loan facility to fund investments in various sectors including technology, payments, health, logistics and mobility.
“This loan agreement with Metrobank will support our efforts to refine our portfolio and allocate capital to key business winners. We are glad to partner with Metrobank, which has supported us for over 30 years.” Ayala chief finance officer Alberto de Larrazabal said.
Metrobank, one of the country’s largest financial institutions, has a history of providing credit facilities for real estate developments, renewable energy projects and data centers.
“We have always been a proud partner of Ayala Corp. because we share their mission of enabling individuals and businesses in the country. This deal is a testament to our decades-long support of Ayala’s growth aspirations, which focus on transforming industries and contributing to the Philippines’ social and economic development,” Metrobank head of institutional banking sector Mary Mylene Caparas said.
The Ayala Group earmarked P284 billion for 2024 capital expenditures, primarily to finance the expansion plans of core business units and sustain earnings growth.
The conglomerate is also in the process of raising P15 billion from the issuance of up to 7.5 million preferred shares priced at P2,000 apiece.
The preferred shares carry an interest rate of 6.0538 percent annum.
The conglomerate tapped BDO Capital & Investment Corp., BPI Capital Corp. and China Bank Capital Corp. as joint lead underwriters and book runners for the offering.
Ayala’s executive committee also approved last month the sale of 3.07 billion treasury shares at not less than P720 per share. This will enable the company to raise at least P2.21 billion in fresh capital.
