October 02, 2013

Ayala, Aboitiz conglomerates firm up fund raising plans

In a registration statement filed with the Securities and Exchange Commission, Ayala Corp. (AC) said it will re-issue 20 million Preferred Class B shares at P500 apiece.

Proceeds will be used to buy back next month P6 billion worth of Preferred Class A shares. It will also retire P4.25 billion worth of bank loans due December 2012.

For its part, Aboitiz Equity Ventures Inc. (AEV) applied for the registration of its P10-billion retail bonds with tenors of seven and 10 years. As of end-June, AEV had no outstanding bonds. - WealthSec