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SEC greenlights Ayala Corp.’s P30-B debt program

THE Securities and Exchange Commission (SEC) has given the go signal for Ayala Corp.’s P30-billion debt securities program.

“In its meeting on May 11, the commission en banc resolved to render effective the registration statement of Ayala, subject to the company’s compliance with certain remaining requirements,” the corporate regulator said in a statement on Wednesday.

The listed conglomerate has set P6 billion for the first tranche of the program consisting of three-year bonds due in 2024 and five-year bonds due in 2026, with an oversubscription of up to P4 billion.

The bonds will be listed and traded on the Philippine Dealing & Exchange Corp.

Around P9.88 billion of net proceeds is expected from the first tranche of the P30-billion debt securities program should the oversubscription option be exercised.

According to the company’s prospectus filed with the SEC at the end of March, majority of the proceeds will be used to pay for its short-term loans and it will partially be used to fund the company’s capital expenditures.

Ayala Corp. assigned BPI Capital Corp. as the transaction’s issue manager, joint lead underwriter, and bookrunner.

BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp., and SB Capital Investment Corp. were also tapped as joint lead underwriters and bookrunners.

Meanwhile, the company’s real estate arm Ayala Land, Inc. said it was able to recycle 28 metric tons of plastic waste into eco-products last year.

Ayala Land collaborated with Green Antz Builders, which converted the dry plastic waste to construction materials like bricks, pavers, and casts.

“The cycle involves collecting clean and dry plastics at designated drop-offs and transporting them to eco-hubs, which are recycling facilities where the plastics are shredded and incorporated into concrete products developed by Green Antz,” Anna Maria Gonzales, sustainability manager of Ayala Land, said in a statement.

Dry plastic waste products were collected from its properties and communities and Ayala Land said these were recycled into eco-materials as part of the company’s “circular waste management” initiative.

As a result, the converted plastic waste materials are now used in Ayala Land’s estates and sites as pathways, fences, and sidewalks.

Ayala Land said the total plastics it was able to recycle in 2020 may be compared with how much dry plastic waste may be collected from its two largest malls in a regular year.

“Processing and using these eco-products effectively prevented clean and dry plastics from Greenbelt and Glorietta from ending up in dumpsites,” Ms. Gonzales said.

Shares of Ayala Corp. at the local bourse went down by 1.76% or P13 on Wednesday to close at P727 each, while Ayala Land stocks slipped by 0.93% or 30 centavos to finish at P31.95 apiece. — Keren Concepcion G. Valmonte

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