Ayala Land starts public offer of P15B bonds

Posted at 04/16/12 6:21 PM

MANILA, Philippines - Ayala Land Inc. (ALI) started its public offer of P15 billion bonds on Monday, which represent the property developer's largest debt issue to date.

The bonds consist of an aggregate principal amount of P10 billion with an oversubscription option of up to P5 billion. It will be issued in two tranches of 7 and 10 years.

ALI's public offer runs through 3:00 p.m. on April 23. The issue date for the bonds is on April 27.

"This offering represents the largest fundraising initiative by Ayala Land in the capital markets, exceeding its P10 billion note issue last year with a 15-year tranche, the longest tenor for a Philippine corporate institution," ALITreasurer Augusto D. Bengzon said.

"This is in step with Ayala Land's largest capital expenditure program to date of P37 billion, topping as well last year's record of P30 billion.  This positions Ayala Land to achieve stronger results in 2012, having closed yet another banner year in 2011," he added.

ALI posted an all-time high net income attributable to equity holders of P7.4 billion in 2011, 31% more than the P5.46 billion recorded in 2010.

BPI Capital Corporation and The Hong Kong and Shanghai Banking Corporation Limited are joint lead managers and underwriters.

BDO Capital and Investment Corporation and First Metro Investment Corporation are co-lead managers and underwriters for the offering.