The country’s first real estate investment trust, AREIT Inc. secured the greenlight from the Securities and Exchange Commission to proceed with the issuance of P15 billion in fixed-rate bonds.
AREIT, which is sponsored by property giant Ayala Land Inc., will initially sell P3 billion worth of three-year bonds at face value.
The offer will run from December 13 to 16 in time for the bonds’ listing at the Philippine Dealing & Exchange Corp. on December 23.
This marks AREIT’s first foray into the debt market.
Net proceeds will be used to refinance debt and partly fund the acquisition of The 30th, a mixed-use development in Pasig City.
AREIT plans to issue the bonds in one or more tranches within a period of three years.
BPI Capital Corp. and BDO Capital & Investment Corp. are the joint lead underwriters and bookrunners for the issue.
The acquisition of new assets is expected to boost AREIT’s net income and dividends.
Cityland, meanwhile, will offer to the public P500 million worth of commercial papers. The listed real estate company expects to net up to P495,688,725 from the offer, for project-related costs, payment of maturing loans or notes, and interest expense.
Among others, the proceeds from the offering will be used to partially finance the construction of One Premiere, a 27-storey commercial and residential condominium in Las Pinas City.
SOURCE: Bilyonaryo
0 comments:
Post a Comment