The debt papers come as the fifth series of its securities program, which started in April last year. It will have a tenor of five years. The company has yet to set a price and finalize the terms and conditions for the new bonds.
The upcoming offer also comes with an exchange option for the present holders of its 4.625% bonds, which are due on Oct. 10.
Sans obligation, debt securities investors can settle the maturing bonds fully or partially by exchanging them for the latest notes at a 1:1 ratio.
They will receive the accrued interest, net of applicable taxes, in cash on the bonds’ issue date, which is likely before the maturity of their present securities, depending on market conditions and subject to regulatory approvals.
Ayala Land said the bonds’ settlement through the purchase of newer bonds would be the first of its kind in the corporate debt capital market in the Philippines.
No date has been set yet for the public offer, which will be listed and traded in the Philippine Dealing & Exchange Corp.
The company tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the offering.
On Wednesday, shares in Ayala Land fell by 3.04% to close at P31.85 apiece.
— Adam J. Ang|BusinessWorld
Source: Peso Economics
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