The Securities and Exchange Commission (SEC) has approved the public offering by Ayala Corporation of up to P10 billion worth of bonds under its P30 billion debt securities program.
In its meeting on May 11, the Commission En Banc resolved to render effective the registration statement of Ayala, subject to the company’s compliance with certain remaining requirements.
The first tranche of Ayala’s debt securities program will comprise up to P6 billion of three-year bonds due in 2024 and five-year bonds due in 2026, with an oversubscription option of up to P4 billion.
Ayala expects to net up to P9.88 billionfrom the first tranche, assuming the oversubscription option is fully exercised. The proceeds will be used to refinance maturing debt and partially finance the company’s capital expenditures.
The bonds, which will be offered at face value, will be listed and traded on the Philippine Dealing & Exchange Corp.
Ayala engaged BPI Capital Corporation as issue manager for the transaction.
BPI Capital will also serve as joint lead underwriter and bookrunner alongside BDO Capital & Investment Corporation, China Bank Capital Corporation, First Metro Investment Corporation, and SB Capital Investment Corporation.