Conglomerate Ayala Corp. plans to raise as much as P20 billion through a bond offering to finance capital spending requirements up to 2019.
Ayala Corp. chief finance officer Jose Teodoro Limcaoco said in a briefing the company would raise at least P10 billion to P15 billion in the third quarter of the year and place the balance under shelf registration.
Ayala plans to use proceeds from the fund raising activity to refinance the group’s P10-billion bonds maturing in April 2017.
Limcaoco said the Philippine macroeconomic fundamentals remained strong and conducive for companies to raise funds through the capital markets.
“We are happy with the new SRC [Securities Regulation Code] rules which allow shelf registration. We think that is great for the capital requirements. We think the market remain conducive, we are are hoping to go out after the elections,” Limcaoco said.
Ayala managing director Paolo Maximo Borromeo said the conglomerate was also looking for investment opportunities overseas, especially in Southeast Asia.
