Investment, Financial, REITs
SEC approves public offerings from AREIT, Cityland
SEC approves public offerings from AREIT, Cityland
MANILA, Philippines — Corporate regulators announced Friday they have cleared two public offerings from AREIT Inc. and Cityland Inc.
In a statement, the Securities and Exchange Commission said they approved the registration statements of AREIT for a P15-billion bond program and of Cityland for P500 million worth of commercial papers.
The SEC said there are remaining requirements that the two companies need to submit.
Under its plan, AREIT, the real estate investment trust (REIT) company of property giant Ayala Land Inc., would issue the bonds in one or more tranches within a period of three years.
The first tranche will comprise up to P3 billion of fixed-rate bonds due 2023.
The Ayala Group’s REIT firm expects to net up to P2.96 billion from the first tranche. The proceeds will be used to refinance debt and to partially fund 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. (PDEx). The offer will run from December 13 to 16, in time for the bonds’ listing at the PDEx on December 23.
Listed real estate firm Cityland, meanwhile, expects to net up to P495.7 million from the offer, which will be spent on project-related costs, payment of maturing loans or notes, and interest expense.
Among others, the proceeds from the offering will be used to partially finance the construction of One Premiere, a 27-storey commercial and residential condominium in Las Pinas City.
MUST-READ AND SHARE!
Your Ultimate Guide to REITs Update in 2022
2023 Your Practical Wedding Guide
Investments and Finance Ultimate Guide
Your Ultimate Access to Kuwait Directories in this COVID-19 Crisis
Poetry Books: Anthology
A Devotional Journal: Thankful from Within
A Devotional Journal: Faith Can Move Mountains
A Devotional Journal: Healing with Hope as Life Goes On
Global Filipino Blogger
If you like reading this, please like and share my page, DIARYNIGRACIA PAGE. Questions, suggestions, send me at diarynigracia@gmail.com
You may also follow my Instagram account featuring microliterature #microlit. For more of my artworks, visit DIARYNIGRACIA INSTAGRAM
A multi-award-winning blogger and advocate for OFWs and investment literacy; recipient of the Mass Media Advocacy Award, Philippine Expat Blog Award, and Most Outstanding Balikbayan Award. Her first book, The Global Filipino Bloggers OFW Edition, was launched at the Philippine Embassy in Kuwait. A certified Registered Financial Planner of the Philippines specializing in the Stock Market. A recognized author of the National Book Development Board of the Philippines. Co-founder of Teachers Specialist Organization in Kuwait (TSOK) and Filipino Bloggers in Kuwait (FBK). An international member of writing and poetry. Published more than 10 books. Read more: About DiaryNiGracia
Acknowledgements
DISCLAIMER
Peace and love to you.