Ayala Corp. originally planned to offer only 30 million preferred shares at P100 each.
Proceeds from the offering, estimated to reach P5.8 billion, will be used to refinance certain dollar-denominated debts maturing in 2008 and for general working capital.
BPI Capital Corp. and Hong Kong and Shanghai Banking Corp. served as lead issue managers and bookrunners. First Metro Investment Corp. and HSBC are joint lead underwriters while PCI Capital Corp. is the participating underwriter.
Ayala Corp., through its financing entity AC International Finance Ltd., raised $200 million in 2003. The $200-million debt, which is maturing over the next two years, carries an 8.15-percent interest rate.
The conglomerate has interests in banking, real estate and property development, telecommunications, information technology, electronics manufacturing and automotive. – Zinnia dela Peña