Ayala Land, one of the Philippines' largest property developers, is working on a plan to offer to the market domestic retail bonds worth around Php21 billion. The purpose of the debt offer was 'general corporate purposes', according to a company statement.
In documents filed with the Philippine Stock Exchange, ALI had said that its board of directors had approved the issuance of corporate bonds and these bonds would be registered with the Securities and Exchange Commission. The said bonds would have a term of between seven, ten, twenty and twenty five years.
The statement further said that the said bonds would be sold through a general public offering.
In the said documents filed, ALI also said it had approved the incorporation of a wholly owned subsidiary namely Verde Golf Development Corp. The said corporation would oversee the operations of ALI's Southvale Golf Course.
Overall, the property firm had set aside nearly Php 65.7 billion for capital spending in 2013.
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