AYALA Land, Inc. (ALI) successfully listed its new P33 billion fixed-rate bonds due 2024, 2027, and 2029 on July 4 at the Philippine Dealing & Exchange Corp. (PDEx).
The two, five, and seven-year bonds are ALI’s largest issuance to date and its second for the year in the local capital debt market.
“With this latest bond offer, we raised P45 billion in debt capital, representing a 90% utilization rate of our P50-billion shelf registration in less than a year,” ALI Deputy Treasurer Jose Emilio B. Jamir said.
ALI reported that the proceeds of the offering will be used for refinancing, funding general corporate requirements, and capital expenditures for upcoming real estate projects.
Its total outstanding listed bonds are now at P120.3 billion, representing 8.9% of the total outstanding listed corporate bonds on PDEx.
“This could only be a positive signal of the corporate sector’s continued thrust for economic revival even in the face of stresses brought on by global events,” PDEx President and Chief Executive Antonino A. Nakpil said.
In May this year, ALI also issued P12-billion six-year fixed-rate bonds with an interest rate of 5.81% per annum.
ALI’s total outstanding listed bonds are now at P120.3 billion, representing 8.9% of the total outstanding listed corporate bonds on PDEx.
ALI is the largest property developer in the country, with more than 12,000 hectares of land bank and a track record in developing large-scale, integrated, mixed-use, and sustainable estates.
It has 47 estates and hosts a diversified portfolio of complementary businesses.
ALI’s shares showed an increase of P0.50 or 1.89% closing at 26.90 apiece on Wednesday. — Justine Irish DP. Tabile