SEC approves public offerings from AREIT, Cityland  

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.

 

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