Ayala Land taps loan from Land Bank for capital spending
CHERYL M. ARCIBAL, GMANews.TV
04/15/2009 | 12:05 PM
MANILA, Philippines - Ayala Land Inc. has signed an agreement with state-run Land Bank of the Philippines for a loan that will partially finance its capital expenditures for this year.
Ayala Land will obtain a P1 billion facility from Land Bank, the company told the Philippine Stock Exchange (PSE).
The company will sell floating rate corporate notes which will have a maturity of seven years with initial availment to be drawn within six months from the date of signing, the company said.
"Proceeds from the facility will be used by the company for general corporate purposes, as well as financing its capital expenditure program," the company said.
The company has announced that its capex for the year will be lower at P17.9 billion from last year’s P18.9 billion.
Half of the investment allocation will be for residential development; followed by 17 percent for strategic landbank management; shopping centers, 13 percent; corporate business, 12 percent; and geographic businesses, eight percent. - GMANews.TV
Ayala Land will obtain a P1 billion facility from Land Bank, the company told the Philippine Stock Exchange (PSE).
The company will sell floating rate corporate notes which will have a maturity of seven years with initial availment to be drawn within six months from the date of signing, the company said.
"Proceeds from the facility will be used by the company for general corporate purposes, as well as financing its capital expenditure program," the company said.
The company has announced that its capex for the year will be lower at P17.9 billion from last year’s P18.9 billion.
Half of the investment allocation will be for residential development; followed by 17 percent for strategic landbank management; shopping centers, 13 percent; corporate business, 12 percent; and geographic businesses, eight percent. - GMANews.TV
