The Philippines’ top property developer Ayala Land Inc said on Friday its board has approved an issue of three-year bonds to raise up to 2.0 billion pesos to partly finance operations.
The company, a unit of the country’s oldest conglomerate Ayala Corp , said the bonds called Ayala Land Homestarter Bond will be sold through a general public offering to retail investors.
It did not say when the offer will be launched. BPI Capital Corp and SB Capital and Investors Corp have been appointed as underwriters for the bonds, Ayala Land told the stock exchange.
The company, which raised 10 billion pesos last month from a sale of fixed rate notes with maturities of 5, 10 and 15 years, was looking to spend 32.6 billion pesos this year to complete ongoing projects, and acquire land for future developments.
Shares in Ayala Land slipped 0.42 percent in a market that ended largely flat.