Ayala Land Inc. (ALI) has secured a P1 billion financing facility from the Land Bank of the Philippines. In a disclosure to the Philippine Stock Exchange (PSE) Wednesday, ALI chief finance officer Jaime Ysmael said the firm has signed an agreement with LBP for the facility, which will take the form of privately placed floating rate corporate notes issued by ALI.
The notes will have a maturity of seven years with initial availment to be drawn within six months from the date of signing. LBP is the sole lender and arranger for the financing facility. Proceeds from the facility will be used by ALI for general corporate purposes, as well as financing its capital expenditure program.