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AYC Finance cuts exchange price of bonds exchangeable for Ayala shares
By Marisa Wong
Madison, Wis., Jan. 13 – AYC Finance Ltd. announced an adjustment to the exchange price of its $300 million 0.5% bonds due 2019 exchangeable for common shares of Ayala Land, Inc. and guaranteed by parent company Ayala Corp.
The exchange price will be lowered to PHP 36.21 per share (or $0.817 per share) from PHP 36.25 per share (or $0.818 per share), effective Jan. 14.
The adjustment was triggered by a placement of 484,848,500 shares on Jan. 12. The new shares will be issued on Wednesday.
Ayala is a Makati City, Philippines-based real estate developer.
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