MANILA, Philippines - Conglomerate Ayala Corp. (AC) plans to hold its offering of Class B Series 2 preferred shares starting Thursday.
In a disclosure to the Philippine Stock Exchange, AC said its preferred shares offering will run from Oct. 23 to Oct. 29.
Listing of the shares will be on Nov. 5, it added.
The conglomerate will be offering up to 30 million preferred shares worth P500 each for a total amount of P15 billion.
“Prospective investors are encouraged to review the prospectus prepared by Ayala for the offer and consult their respective tax and other advisors when considering a purchase of the shares,” the company said.
AC said proceeds of the issue would be used solely to refinance certain peso denominated obligations amounting to P12.95 billion.
The debt obligations include bank loans to BDO (P10 billion), Metrobank (P1.46 billion), and corporate notes from various lenders that include The Philippine American Life and General Insurance Co., Philplans First Inc., Philam Bond Fund, Inc. and Government Service Insurance System (P1.49 billion).
BPI Capital Corp has been tapped as the issue manager and lead underwriter for the offer. BPI Capital, BDO Capital Corp. and First Metro Investment Corp., meanwhile, were chosen as joint lead underwriters.