Philippines’ Ayala plans up to PHP 15 billion class B preferreds

By Marisa Wong

Madison, Wis., Aug. 26 – Ayala Corp. said its board of directors approved the reissuance and offering of up to 30 million preferred class B shares. The new and separate series of class B preferreds will total up to PHP 15 billion, according to a letter delivered to the Philippine Stock Exchange.

The preferreds will be offered at PHP 500 per share with a fixed quarterly dividend rate. Pricing will be based on either the five- or seven-year PDST-R2 benchmark plus a to-be-determined spread.

BPI Capital Corp. will be the issue manager.

Ayala is a Makati City, Philippines-based holding company with interests in real estate development, banking and financial services, telecommunications, water infrastructure development and management, electronics, information technology, automotives and international operations.

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