By Rebecca Melvin
New York, April 11 - AYC Finance Ltd., a subsidiary of the Philippines' Ayala Corp., has priced $300 million of 0.5% five-year bonds exchangeable into shares of Ayala Land Inc., according to a news release.
The Regulation S bonds may be exchangeable for Ayala Land shares on or after June 11, 2014 at PHP 36.48 per Ayala Land share.
The bonds will be callable at the option of the issuer starting May 2, 2017, if the closing price of Ayala Land shares is at least 130% of the exchange price for 30 consecutive trading days.
The bonds mature May 2, 2019.
Ayala is a Makati City, Philippines-based real estate developer.
| Issuer: | AYC Finance Ltd.
|
| Guarantor: | Ayala Corp.
|
| Exchangeable entity: | Ayala Land Inc.
|
| Issue: | $300 million exchangeable bonds
|
| Maturity: | May 2, 2019
|
| Coupon: | 0.5%
|
| Exchange price: | PHP 36.48
|
| Calls: | Callable beginning May 2, 2017
|
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