Connect with us

Hi, what are you looking for?

Stock Markets

Ayala, AYC Finance plan notes issue, tender offer

AYALA Corp. is planning the offer of dollar-denominated perpetual notes to be issued by wholly owned subsidiary AYC Finance Ltd., which is also eyeing a tender offer.

“The notes issuance and the tender offer are part of AC’s (Ayala’s ticker symbol) active liability management exercise that aims to take advantage of capital markets opportunities if and when they arise,” the listed company said in a disclosure to the exchange on Wednesday.

The conglomerate said its Regulation S dollar-denominated senior fixed-for-life non-deferrable perpetual notes will be issued by AYC Finance.

Ayala has assigned BPI Capital Corp, Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Ltd., JPMorgan (S.E.A.) Ltd., Mizuho Securities (Singapore) Pte. Ltd., and UBS AG Singapore Branch as the joint lead managers and joint bookrunners.

The company said it mandated the firms to “arrange a series of fixed income investor calls” on Sept. 15.

Meanwhile, AYC Finance will conduct a tender offer of its $400-million 5.125% senior fixed-for-life notes (ISIN: XS1681502537) and $400-million 4.85% senior fixed-for-life notes (ISIN: XS2068075980). It will set a maximum acceptance amount for the tender offer, which will expire on Sept. 24 at 4:00 p.m. London time.

“Proceeds of the notes issuance will be used to refinance [AYC Finance’s] outstanding USD (US dollar)-denominated guaranteed undated notes including, among others, through funding of the tender offer, and other USD-denominated obligations,” the listed company said.

Shares of Ayala on Wednesday went down by 0.93% or P7.50, closing at P803 each. — Keren Concepcion G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Breaking News

TikTok is one of the most rapidly growing platform. People across all the spectrum of age, gender, communities are joining the platform to...

Finance

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition...

Breaking News

The $160,000 SS Dolphin is a hybrid 1950s Corvette clone from China – Business Insider Amazon Prime Day Business Insider logoThe words “Business Insider”....

Finance

A shopping centre in Coventry that eight years ago was valued at £37 million was sold this week for only £4.9 million, setting...

Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Captain Of Success. All Rights Reserved.