1:26 am | Monday, October 20th, 2014
Ayala Corp. has obtained the approval of the Securities and Exchange Commission for its plan to sell as much as P15 billion in preferred shares, a regulatory filing showed.
The funds are mainly intended to refinance certain debts and help free up the firm’s balance sheet as it expands its infrastructure and power portfolio.
The filing showed that Ayala’s preferred class “B” series 2 preferred shares, which are cumulative, non-voting and perpetual, would include a primary offer of 20 million shares at P500 each, to raise P10 billion.
An oversubscription option would involve another 10 million preferred shares.
The company has authorized the setting of the rate based on either the five-year or seven-year local interest rate PDST-R2 benchmark plus a spread.
Ayala also has the option to redeem the shares during the rate setting date and on any quarterly dividend payment date.
Debts to be refinanced amount to P12.95 billion owed to lenders including Metropolitan Bank & Trust Co. and BDO Unibank.
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