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MANILA, Feb 24 (Reuters) - Philippine real estate developer Ayala Land Inc plans to raise up to 15 billion pesos ($337 million) to finance a portion of scheduled capital expenditure on land and projects in one of the country's biggest corporate bond sales this year.
In a stock exchange filing on Monday, the Philippines' biggest developer by market capitalization said its board approved the issuance of bonds with maturity of up to 11 years. No details were given on financial terms of the planned issue, nor its timetable.
Last December Ayala Land, 48 percent-owned by industrial conglomerate Ayala Corp, said in a filing it plans to spend about 70 billion pesos ($1.6 billion) this year in land investments and project development.
The board also approved cash dividends and an option for Ayala Land to sell up to 1 billion common shares should it need extra cash to finance any unplanned large investment opportunities in the future, the company said.
A total of 1 billion new shares would be equal to about 7 percent of outstanding common shares in Ayala Land, which has a current market value of about $9.3 billion.
Shares in Ayala Land were 1.9 percent higher, outperforming the market's 0.4 percent gain as of 0340 GMT.
Click on link.reuters.com/jyz96v to view the company's full disclosure.
($1 = 44.6 pesos)
Reporting by Erik dela Cruz; Editing by Kenneth Maxwell