Ayala Land to offer P21B worth of corporate bonds

Ayala Land Inc. has approved the issuance of up to P21 billion worth of corporate bonds to be sold in a general public offering.

 

In a disclosure to the Philippine Stock Exchange, the property developer said the bonds will have tenors of seven, 10 and 20 or 25 years and will be registered with the Securities and Exchange Commission.

 

Proceeds from the offering will be used for general corporate purposes, ALI said.

 

The company has set a P65.5 billion capital spending program this year, mainly to develop new and ongoing residential and leasing projects. The amount is lower than the P71.29 billion spent in 2012.

 

The company intends to  roll out 69 projects worth a combined P129 billion, including a new Holiday Inn & Suites in Makati by the second quarter and Seda Hotels in Davao and Nuvali, Laguna

 

The ALI board of directors also approved the establishment of a wholly-owned subsidiary, Verde Golf Development Corp., which will oversee the operations of Southvale Golf Course. — VS, GMA News