The Securities and Exchange Commission approved the P30-billion shelf registration program of conglomerate Ayala Corp.
It gave the go-signal on Ayala’s proposed bond offering in a meeting on May 11, subject to the company’s compliance with remaining requirements.
The first tranche of Ayala’s debt securities program will comprise up to P6 billion of three-year bonds due 2024 and five-year bonds due 2026, with an oversubscription option for another P4 billion.
Assuming the oversubscription option will be exercised, the net proceeds from the bond offering will be used to refinance maturing debt and partially finance the company’s capital expenditures.
The bonds, which will be offered at face value, will be listed and traded on the Philippine Dealing & Exchange Corp. The offer period will be from May 17 to 21 while the issue date was tentatively set on May 28, 2021.