PROPERTY giant Ayala Land Inc. (ALI) is preparing to launch the fourth tranche of its P50-billion bond program to raise funds for future project developments.
The company on Wednesday submitted to the Philippine Stock Exchange (PSE) documentary requirements pursuant to its issuance of P7-billion fixed rate bonds due 2027.
The P7-billion bond issue is under the company’s P50-billion shelf registration with the Securities and Exchange Commission (SEC).
ALI earlier said it planned to raise as much as P10 billion from the issuance of short-dated notes to refinance its short-term loans.
The company has set a capital expenditure program of P87.6 billion for 2017 to fund its residential projects (P40.7 billion), malls (P11.8 billion), land acquisition initiatives (P10.6 billion), office towers (P9.2 billion), township estate development (P5.5 billion), and hotels (P4.9 billion). The balance will be for other corporate purposes.
ALI reported net income of P20.9 billion in 2016 and consolidated revenues of P124.6 billion. The company is involved in property development, commercial leasing, hotels and resorts, construction and property management of the Ayala Group.