PROPERTY giant Ayala Land Inc. (ALI) said on Tuesday its board has approved the company’s plan to raise P30 billion from the debt market within the first half of the year to finance general corporate requirements. In a disclosure to the Philippine Stock Exchange (PSE), ALI said its board of directors approved the raising of P20 billion through the issuance of retail bonds or corporate notes, or through bilateral term loans, all with a term of up to 10 years. It said the retail bonds will be issued under its P50 billion debt securities program as approved by the Securities and Exchange Commission (SEC) in March last year. ALI said its board also approved borrowing a further P10 billion through the issuance of short-dated notes with a tenor of up to one year and nine months, to refinance its short-term loans. ALI reported 19 percent growth in net income last year to P20.9 billion, as consolidated revenues rose 16 percent to P124.6 billion, driven by its property development business and commercial leasing sales.

Source: Manila Times February 21, 2017 17:13 UTC