MANILA — Property giant Ayala Land Inc. (ALI) is eyeing to raise as much as P30 billion to partially finance its spending program and pay down debts.
ALI told the local bourse its board of directors approved the raising of up to P20 billion through retail bonds, corporate notes and/or bilateral term loans, all with a term of up to 10 years.
The amount will be used for general corporate purposes.
The company said the retail bonds will be issued under its P50-billion debt securities program as approved by the Securities and Exchange Commission in March 2016.
ALI said up to P10 billion will be raised through the issuance of short-dated notes with a tenor of up to 21 months. This will refinance its short-term loans.
The property firm targets to launch P100 billion worth of projects for sale this year, bulk of which are residential projects.
Its net income surged 19 percent to P20.91 billion in 2016 from P17.63 billion the previous year. Leslie D. Venzon/PNA