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AYC cuts exchange price of bonds exchangeable for Ayala stock
By Marisa Wong
Morgantown, W.Va., March 5 – 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 34.25 per share from PHP 34.68 per share, effective March 14.
The adjustment was triggered by cash dividends of PHP 0.2520 per share and PHP 0.2600 per share declared on Aug. 17, 2018 and Feb. 27, respectively. The Aug. 17, 2018 dividend was paid on Oct. 2 to holders of record as of Sept. 6. The Feb. 27 dividend will be paid on March 29 to holders of record as of March 13.
Ayala is a Makati City, Philippines-based real estate developer.
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