Ayala Corp. on Thursday has priced the re-issuance of its preferred shares at the Philippine Stock Exchange (PSE), which it hopes to raise some P20 billion in fresh funds. Know more:
Ayala Corp. on Thursday has priced the re-issuance of its preferred shares at the Philippine Stock Exchange , which it hopes to raise some P20 billion in fresh funds.
The company is re-issuing some 4 million in class A preferred shares as its base offer and another 4 million in over-subscription option. The shares will come from those held in treasury of Ayala. In its draft prospectus filed with the Securities and Exchange Commission, the firm said the net proceeds are intended to be used for refinancing Philippine peso-denominated bonds and short term loans, partially funding its capital expenditures, and refinancing its callable preferred “B” shares due 2023.
Proceeds will be used to refinance the P10 billion fixed rate bond due on July 7, 2023 with an interest rate of 3.92 percent per annum which was issued in June 2016. LRMC will use the proceeds to finance capital expenditures related to the construction of the LRT-1 Cavite Extension Project. The first phase of the Cavite Extension Project aims to extend LRT1 with 5 additional stations from Baclaran to Dr. Santos Avenue in Paranaque, spanning over seven kilometers.
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