MANILA, Philippines - Ayala Land Inc. (ALI) is planning to issue up to P5 billion worth of its popular homestarter bonds.
In a disclosure to the stock exchange, ALI said the bonds will have a term of three years and will be issued in one or more tranches.
"Net proceeds shall be utilized for general corporate purposes," the company said.
The bonds, which will be registered with the Securities and Exchange Commission, will be sold through a general public offering to retail investors.
ALI first introduced the homestarter bonds in 2006. Under the scheme, bondholders have the option of applying the principal amount of the bonds, including interest, as full or partial downpayment for Ayala Land's residential projects.