Property developer Ayala Land Inc. on May 13 said it will issue up to P4 billion in corporate bonds to partially finance its programmed P24.3-billion capital expenditure in 2008. The company has appointed BPI Capital Corp., Hong Kong Shanghai Banking Corp Ltd. and Land Bank of the Philippines as joint lead managers and underwriters for the bond issue. The bonds will be priced at 100 percent of face value, benchmarked against the Philippine Dealing System Treasury Reference Rate, and will mature five years and one day from the initial issue date. The additional borrowings will increase the company's total debt to P27 billion.
in Manila Standard Today by Jenniffer B. Austria
May 14, 2008
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