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The Securities and Exchange Commission (SEC) has given the green light to the debt public offerings of AREIT Inc., the real estate investment trust (REIT) of Ayala Land Inc., and property developer Cityland Inc. In its en banc meeting, the agency approved AREIT’s P15-billion debt securities shelf registration program and…
The Securities and Exchange Commission (SEC) has approved the public offerings made by AREIT, Inc. and Cityland, Inc. In its meeting on December 9, the
The Securities and Exchange Commission (SEC) has approved the planned public offerings by AREIT, Inc. and Cityland, Inc. In its meeting on Dec. 9, the Commission En Banc resolved to render effective the registration statements of AREIT for a P15 billion debt securities program and of Cityland for P
MANILA - The Securities and Exchange Commission (SEC) has approved the public offerings made by AREIT, Inc. and Cityland, Inc. In its meeting on December 9, the commission en banc resolved to render effective the registration statements of AREIT for a PHP15-billion debt securities program, and Cityland for PHP500 million worth of commercial papers, subject to the companies' compliance with certain remaining requirements. AREIT may issue the bonds in one or more tranches within three years. The first tranche will comprise up to PHP3 billion of fixed-rate bonds due 2023. The real estate investment trust sponsored by listed property developer Ayala Land, Inc. expects to net up to PHP2.96 billion from the first tranche. The proceeds will be used to refinance debt and to partially finance the acquisition of The 30th, a mixed-use commercial development in Pasig City. The bonds, which will be offered at face value, will be listed and traded on the Philippine Dealing & Exchange Corp. (