Conglomerate Ayala Corp. said Thursday it signed its first yen-denominated term loan, equivalent to $200 million (P11.5 billion), after receiving a positive credit rating from Japan Credit Rating Agency Ltd. (JCR).
Mizuho Bank Ltd. and Sumitomo Mitsui Banking Corp. (SMBC) were the mandated lead arrangers and bookrunners. The proceeds will be used for general corporate purposes.
A signing ceremony was held on March 19, attended by Ayala Corp. chief finance officer Alberto de Larrazabal, treasurer Estelito Biacora, Mizuho general manager Masaaki Wada, Mizuho joint general manager Yasunori Iwamoto, SMBC country head and managing director Yasushi Iwata and SMBC executive director and head of corporate banking Ruben Victa.
The loan comes as Ayala diversifies its funding sources at competitive rates to support business growth.
Ayala secured competitive rates for the loan after receiving an inaugural foreign currency long-term issuer rating of “A-” from JCR, enhancing its access to the Japanese capital market.
The rating indicates a relatively high level of creditworthiness and a strong capacity to meet financial commitments.
“This maiden yen-denominated loan broadens Ayala Corp.’s partnership with Japanese financial institutions, particularly Mizuho and SMBC. The Samurai Loan enhances Ayala Group’s capital raising options and helps us better grow businesses that enable people to thrive,” Biacora said.
“We, Mizuho Bank, as Ayala’s long-standing financial partner, are deeply honored to have played a key role as the Rating Advisor for Ayala’s first JCR rating. This achievement reflects our strong partnership and shared commitment to financial excellence,” Wada said.
Ayala, one of the largest and oldest conglomerates in the Philippines, has been building businesses for 191 years. It has a presence in real estate, banking, telecommunications and renewable energy, as well as growing investments in healthcare, mobility, logistics, industrial technologies and education.