Property giant Ayala Land Inc. is tapping the debt market anew to raise an additional P9 billion to refinance debt.
ALI said it may issue retail bonds and/or corporate notes for listing on the Philippine Dealing and Exchange Corp.
“This will bring Ayala Land’s total approval to P50 billion primarily for the purpose of refinancing outstanding loans and partially financing our general corporate requirements,” ALI said in a statement.
ALI has earmarked P88 billion for capital expenditures this year, nearly half of which will go to residential projects, 26% for land acquisitions and 13% for estate development.
The balance will be allocated for hotels and resorts, offices, malls, among others.
SOURCE: Bilyonaryo
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