Tapped as underwriters for the bond issue are BPI Capital Corp., BDO Capital & Investment Corp., First Metro Investment Corp., Hongkong and Shanghai Banking Corp., ING Bank Manila, RCBC Capital Corp., SB Capital Investment Corp. and Standard Chartered Bank.
Ayala is raising funds to support its expansion both through organic growth of its existing business lines as well as value-accretive acquisitions. This includes opportunities presented by various domestic infrastructure projects.
“We always ensure that we maintain a highly flexible funding position at the holding company level that will allow us to invest in sizable projects without impeding other value-enhancing initiatives we are currently undertaking,” Ayala treasurer Ramon Opulencia said.
“The low-interest rate environment and the robust liquidity in the system provide an ideal environment for us to be able to stretch our tenors and match the anticipated long gestation period of the investments that Ayala envisions,” he added.
Ayala earlier won the bid for the Daang Hari connector road project under the government’s Public-Private Partnership (PPP) program.
It also recently forged an agreement with Metro Pacific to jointly pursue and develop light rail transit projects in Metro Manila.
Part of the proceeds of the bond offer will also be used to prepay the company’s debt.
Ayala has been a consistent and innovative issuer in the domestic capital market over the past few years. It has pioneered investment products in the local market that provided the broader investing public, particularly retail investors, with alternative investment choices.
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