Ayala Land Inc. (ALI) said on Monday that it is planning to raise as much as P15 billion from a bond sale of which the proceeds will be used to “fund full capital expenditure for 2014.”
In a disclosure to the Philippine Stock Exchange, ALI said that the P15-billion bonds will have a tenor of up to 11 years, and will be listed at the Philippine Dealing and Exchange.
The real estate giant will use the net proceeds from the bond sale to fund its capital spending for the year, and for general corporate purposes.
ALI said also on Monday that it acquired the 40-percent stake of Mitsubishi Corp. in Philippine Integrated Energy Solutions Inc. (PhilEnergy).
“This acquisition will effectively make PhilEnergy our wholly owned subsidiary,” ALI informed the PSE.
The real estate company said earlier that it plans to spend about P70 billion this year for various property projects. Among ALI’s residential brands are Alveo, Amaia, Ayala Land Premier, Avida and Bella Vita.