Property developer Ayala Land Inc. (ALI) said Friday it secured approval from the Securities and Exchange Commission (SEC) to offer up to P15 billion in ASEAN Sustainability-Linked Bonds.
The bond offering, which includes a base amount of P10 billion with an oversubscription option for another P5 billion, is the fourth tranche under ALI’s P50-billion debt securities shelf-registration program approved by the SEC in 2023.
Net proceeds from the issuance will be used to finance capital expenditure and debt refinancing requirements.
ALI said it would allot P6.12 billion on various projects, P5.16 billion to repay short-term loans drawn to finance the redemption of 2021 bonds and P3.54 billion to refinance a short-term loan that was used to partially fund the settlement of the company’s P6.25-billion 2020 bonds that matured last month.
The issuance consists of 6.0671 percent per annum Series C Bonds due 2030 and 6.3192 percent per annum Series D Bonds due 2035.
The public offer period is scheduled from Oct. 9 to 15, 2025. The bonds will be issued and listed on the Philippine Dealing & Exchange Corp. on Oct. 23, 2025.
The company appointed BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the offer. Metropolitan Bank & Trust Company-Trust Banking Group will serve as the trustee.
ALI previously issued P10.25 billion in fixed-rate bonds in 2023, P6 billion in 2024 and P8 billion in sustainability-linked bonds in 2024 under the same program.
The company earmarked P95 billion for 2025 in capital expenditures primarily to roll out more residential, mall, hotel and office projects.
The group spent P40.2 billion in capital expenditures in the first half of 2025, with 42 percent spent on residential projects, 25 percent for leasing and hospitality assets, 23 percent for mixed-use estates and 10 percent for land acquisition commitments.
