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Ayala Land units to issue P6-b bonds in September

By Jenniffer B. Austria | Posted on Aug. 05, 2013 at 12:01am | manilastandardtoday.com
Property developer Ayala Land Inc. has authorized two units to raise up to P6 billion from the bond market in September.
Ayala Land chief finance officer Jaime Ysmael said in an interview Alveo Land and Avida Land planned to issue P3 billion in bonds each to finance their expansion programs.
The proposed bond issuance is still subject to approval by the Securities and Exchange Commission.
“If SEC approves it, it would be the first time that non-listed firms would be allowed to tap the bond market,” Ysmael said.
Ysmael said Ayala Land had recapitalized the equity base of Alveo Land and Avida Land, which were considered mature firms, to enable them to directly tap the debt market.
“This would enable them to develop track record and be financially independent,” Ysmael said.
He said once approved by the SEC, the P6-billion bond issuance by Avida Land and Alveo Land was expected to take place next month.
Ayala Land also raised P15 billion in July from a bond issue with a coupon rate of 5 percent that will mature in 2024. The company plans to use the proceeds to partially fund its P65.5-billion capital expenditure this year.
Meanwhile, Ayala Land launched a mixed-use community, called Altaraza in San Jose del Monte, Bulacan ,and will soon launch another project in Porac, Pampanga.
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