AYALA Land Inc. looks to raise P19 billion through the retail and corporate bond market as well as bilateral term loans to refinance outstanding loans.
The company said its Board of Directors has approved the plan, which will also involve listing of the bonds at the Philippine Dealing and Exchange Corp.
The company in April announced it will cut its capital spending for the year by 36 percent to P70 billion from the original estimate of P110 billion due to a slowdown in topline as a result of the new coronavirus disease 2019 pandemic.
Bernard Vincent Dy, Ayala Land president, said the company experienced lost revenues for most of its business lines following the mandatory quarantine of communities starting mid-March.
Augusto Bengzon, Ayala Land chief finance officer, said the company will not launch any new projects for the year.
Last year, the company launched P158.9 billion worth of property development projects and P15.1 billion in malls, offices, and hotels resorts last year.
