Property developer Ayala Land Inc. set the interest rate of the P7 billion, 10 year-bonds at 5.2624 per annum.
Ayala Land said in a filing with the Securities and Exchange Commission the offer period would be from April 10 to 22. The bonds will be issued and listed with the Philippine Dealing and Exchange Corp. on April 28.
The company hired China Bank Capital Corp., PNB Capital and Investments Corp. and SB Capital Investment Corp. as lead underwriters for the offering.
The P7-billion bond is the fourth tranche of the fixed rate-bonds series to be issued by Ayala Land.
It also forms a part of the P50-billion debt securities program of the property firm which was approved by the SEC.
With the latest bond offering, the property firm is expected to raise another P18 billion after it issued P25 billion worth of fixed-rate bonds last year comprising of P7 billion due 2023, P3 billion worth of Homestarter bonds due 2019, P7 billion bonds due 2025 and P8 billion bonds due 2026.
Net proceeds from the bond offering will be used to fund retail, hotel and office projects in Cloverleaf (Balintawak), Intercon (Makati), Ayala Triangle and Vertis Mall (Quezon City).