Ayala Land, Inc. (ALI) plans to raise up to P25 billion of combined debts, bilateral term loans, and qualified buyer notes this year, to partially finance capital requirements and refinance existing debt.

In a disclosure to the stock exchange on Wednesday, Feb. 21, ALI said its board of directors has approved to conduct a fundraising activity worth up to P20 billion through a combination of debts and bilateral notes for 2018’s capital expenditures.

Debt notes will be issued from the P50-billion shelf registration program the company has with the Securities and Exchange Commission since March 2016.

In an earlier interview, ALI Chief Finance Office Augusto Cesar D. Bengzon said the company has P18 billion left in this debt securities program.

The remaining portion will be raised through bilateral term loans.

On the other hand, the listed property firm’s board has also approved the raising of P5 billion through qualified buyer notes to refinance its short term loans. — Arra B. Francia