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AYC cuts exchange price of bonds exchangeable for Ayala stock
By Marisa Wong
Morgantown, W.Va., Feb. 26 – 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 34.68 per share (or $0.782 per share) from PHP 35.08 per share (or $0.791 per share), effective March 13.
The adjustment was triggered by cash dividends of PHP 0.2400 per share and PHP 0.2520 per share declared on Aug. 18, 2017 and Feb. 20, respectively. The Aug. 18, 2017 dividend was paid on Sept. 15 to holders of record as of Sept. 5 The Feb. 20 dividend will be paid on April 3 to holders of record as of March 12.
Ayala is a Makati City, Philippines-based real estate developer.
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