Property developer Ayala Land Inc. said Friday it will raise P45 billion in fresh capital via the debt market to refinance maturing loans and finance general corporate requirements.
ALI said in a disclosure to the stock exchange it would raise the amount through the issuance of retail bonds, corporate notes or bilateral term loans.
The company did not set a timetable for the completion of the new borrowing program.
ALI said its board approved the filing of a new three-year bond shelf-registration with the Securities and Exchange Commission worth up to P50 billion.
The bonds will be listed on the Philippine Dealing & Exchange Corp.
ALI raised P33 billion from its largest bond issuance in June. The Series A bonds due 2024 carry a coupon rate of 4.3969 percent per annum; Series B due 2027 with a coupon rate of 6.2110 percent; and Series C bonds due 2029 with a coupon rate of 6.8045 percent per annum.
ALI has outstanding listed bonds of P120.3 billion, representing 8.9 percent of the total outstanding listed corporate bonds on PDEx.
ALI earlier said it reduced this year’s capital spending program to P80 billion from an initial target of P90 billion as it deferred some for next year.
The property firm also spent P44.7 billion in capital expenditures as of end-September primarily for residential development, land acquisition and estate development.
ALI’s core businesses, including residential, shopping malls and offices, have recovered since the pandemic as business and consumer activity accelerated under the reopened economy.
Net income of ALI jumped 55 percent in the first nine months to P13.3 billion as revenues grew 19 percent to P86.3 billion.