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Ayala Land raises P2.38 billion

Vol. XXII, No. 127 [ BusinessWorld Online ]

Thursday, January 29, 2009 | MANILA, PHILIPPINES

AYALA LAND, Inc. has raised P2.38 billion by issuing debt instruments to fund its real estate projects.

The property developer told the exchange yesterday it had signed a deal to secure the financing facility with the issuance of fixed-rate corporate notes to private investors.

The debt paper will have an average interest rate of 8.6% and an average tenor of eight years. The debt instruments were in three tranches with maturities of five, seven and 10 years. Ayala Land said the proceeds, to be drawn today, would be used to finance operations and capital spending.

The joint lead managers of the sale were Insular Investment and Trust Corp., First Metro Investment Corp. and BPI Capital Corp.

Ayala Land Spokesman Alfonso D. Reyes said the notes had been bought by private local and foreign investors. — KJRL


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