Ayala Land Inc. plans to issue P7 billion in 10-year fixed rate bonds to partially finance the company’s P88-billion capital spending plan in 2017.
Ayala Land said in a filing with the Securities and Exchange Commission the P7-billion bond offering was the fourth tranche under its P50-billion debt securities program approved by the Securities and Exchange Commission in March 2016
Ayala Land tapped China Bank Capital, PNB Capital and SB Capital as underwriters for the bond offering.
Ayala Land plans to use the net proceeds from the bond offering to fund retail, hotel and office projects in Cloverleaf (Balintawak), Intercon (Makati) Ayala Triangle and Vertis Mall (Quezon City).
The property firm still has a balance of P25 billion under its debt securities program.