Regulator okays P20-B Ayala Corp. fixed-rate bonds float

The Securities and Exchange Commission (SEC) has approved the P20-billion fixed rate bonds offering of conglomerate Ayala Corp. under its debt securities program.

Ayala will use the proceeds of the first tranche of the fixed rate bonds amounting to P10 billion to refinance its peso-denominated debt obligations.

The initial tranche will be offered this year and will mature in seven years or in 2023.
The BDO Capital is the sole issue manager for the transaction.

The BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp. and First Metro Investment Corp. will serve as joint lead underwriters.

Ayala bonds are rated PRS Aaa, the highest rating assigned by PhilRatings, reflecting the highest quality financial obligation with minimal credit risk.