Ayala’s AYC Finance tenders for 5 1/8%, 4.85% undated notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 15 – Ayala Corp. subsidiary AYC Finance Ltd. began a tender offer for its $400 million of outstanding 5 1/8% undated notes (ISIN: XS1681502537) and its $400 million 4.85% undated notes (ISIN: XS2068075980), according to a notice.

A tender cap for each series is to be announced on Sept. 17.

The company is offering per $1,000 principal amount of existing notes $1,041.25 for the 5 1/8% notes and $1,042.50 for the 4.85% notes.

Each series is guaranteed by Ayala.

The offer will expire at 11 a.m. ET on Sept. 24. Settlement is planned for Sept. 29.

The tender offer is subject to pricing of a new issue of dollar-denominated notes. Holders who participate in the tender offer may be eligible for preferential allocation of new notes.

BPI Capital Corp. (+632 8246-5149, +632 8246 5150 or bpicapsyndicate@bps.com.ph), Citigroup Global Markets Singapore Pte. Ltd. (+852 2501 2552 or liabilitymanagement.asia@citi.com), Credit Suisse (Singapore) Ltd. (+852 2101 7700 or list.hkdcmsyndicate@credit-suisse.com), J.P. Morgan (S.E.A.) Ltd. (+65 6882 1823 or DCM_SEA@jpmorgan.com), Mizhuo Securities (Singapore) Pte. Ltd. (+852 2685 2023 or Liability.Management@hk.mizuho-sc.com) and UBS AG Singapore Branch (+65 6495 8623 or ol-liabilitymanagement-sea@ubs.com) are the dealer managers.

Lucid Issuer Services Ltd. (+852 2281 0114, +44 20 7704 0880 or ayala@lucid-is.com) is the tender and information agent.

Ayala is a Makati City, Philippines-based conglomerate.

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