Ayala Land P4B Bond Plan Approved

Posted on Aug 03 2008 | Filed in: News

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The SEC has approved the plan of Ayala Land Inc (ALI) to issue P4.0 billion worth of fixed rate bonds, the proceeds of which will be used to finance various development projects in 2008 worth around P24.3 billion.

About 42 percent will be allocated to ongoing and new residential projects:

  • Ayala Westgrove Heights, Cavite
  • Abrio, Canlubang
  • Anvaya, Bataan
  • The Residences, Greenbelt
  • Marquee Place, Pampanga
  • The Columns, Legaspi Village (Makati)
  • Senta, Makati
  • Avida Settings, Cavite
  • Avida Towers, Makati West
  • Avida Towers, New Manila (Quezon City)
  • Avida Towers, San Lazaro (Manila)

Roughly 30 percent of the proceeds will go to business process outsourcing (BPO) offices such as:

  • Dela Rosa E-Services Tower 1, Makati
  • UP North Science and Technology Park, Quezon City
  • Nuvali Technopod Building 1, Laguna
  • Glorietta BPO
  • San Lazaro BPO
  • Bonifacio Global City BPO
  • Laguna Technopark expansion

On the other hand, 14 percent will be used to redevelop the Ayala Center in Makati, as well as the Q-maill in Angeles City (Pampanga), including a mall in Davao.

The balance will be used for strategic land bank management at Bonifacio Global City and Nuvali, redevelopment in Visayas and Mindanao projects, and for support businesses such as hotel refurbishment and equipment.

ALI’s P4.0 billion bond (due in 2013) was rated “PRS Aaa” by PhilRatings. This rating is given to “long-term debt obligations which carry the smallest degree of investment risk.”

ALI’s gross revenues of P8.2 billion in the first quarter of the year are up 28 percent over the same period last year. Sales of residential units accounted for gross revenues of P3.5 billion, which came from bookings of 1,000 units (from 50 projects) also in the first quarter of the year, or 17 percent higher than 1Q 2007.

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