Conglomerate Ayala Corp. announced plans to raise up to P15 billion from the sale of three, five and seven-year bonds to shore up cash.
Ayala told securities regulators that its board approved the issuance of P10 billion worth of Series C bonds due 2025, Series D bonds due 2027 and Series E bonds due 2029, with an oversubscription option of up to P5 billion.
The bonds constitute the second tranche of Ayala’s P30 shelf registered debt securities program.
Ayala said its proposed bond issue was assigned the highest rating of PRS Aaa by local credit watcher Philippine Rating Services Corp. Obligations rated as PRS Aaa are of the highest quality with minimal credit risk.
A PRS Aaa rating likewise reflects Ayala’s extremely strong capacity to meet its financial commitment.
The country’s oldest conglomerate is ramping up spending by a quarter to P285 billion this year to support the ongoing expansion of its real estate, energy and telecom businesses.
Property arm Ayala Land is preparing to roll out P100 billion worth of residential projects to take advantage of the strong demand.
SOURCE: Bilyonaryo
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