AYALA Land, Inc. (ALI) plans to raise P10 billion through a bank’s lending facility, its finance chief said on Monday, after the listing of the company’s fixed-rate bonds.
“Our next fundraising would be with our commercial banks. We want to execute on a few bilateral [loan facilities],” ALI Senior Vice-President and Chief Finance Officer Augusto Cesar D. Bengzon told reporters on the sidelines of the listing.
“We have already signed up for a P10-billion bilateral facility with one of the universal banks,” he added.
The company’s treasurer said the loan facility has a 10-year term. He did not identify the bank or where the loan proceeds will be used.
On Monday, the company listed P15 billion worth of five-year and 10-year fixed-rate bonds due 2028 and 2033, respectively, on the Philippine Dealing & Exchange Corp.
Part of the funds raised from the bond offering will be for capital expenditure (capex) projects and re-financing activities, Mr. Bengzon said.
“Capex will be spread across our various business segments. Close to half would go to the residential segment, and about a quarter to our leasing businesses,” he said.
The balance will be spread across other activities, including land acquisition and estate development. It set capital spending for the year at P85 billion.
ALI shares went up on Monday by 1.23% or 30 centavos to P24.70 apiece. — A.H. Halili
