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Ayala Land Inc Offers PHP15 Billion Bonds Due 2024 With 5.00% Coupon-DJ

Friday, 19 Jul 2013 02:20am EDT 

Dow Jones reported that Ayala Land Inc started a public offer of bonds due 2024 and which carry a 5.00% coupon to raise as much as PHP15 billion ($345 million). The public offer will close on July 25. The Company said proceeds from the bond offer will be used to partially finance the Company's capital expenditures this year to support its aggressive growth plans. BPI Capital Corp., BDO Capital & Investment Corp., China Banking Corp., ING Bank N.V. Manila and Standard Chartered Bank have been hired as joint underwriters and bookrunners while First Metro Investment Corp. and Deutsche Bank AG are co-lead underwriters. BPI Capital is the sole issue manager. Ayal Land will initially offer PHP10 billion worth of the 2024 bonds but is ready to upsize the offer to PHP15 billion, depending on investor demand.