Property giant Ayala Land Inc. this year will roll out about P5 billion worth of “Homestarter” bonds—an innovative instrument that will allow holders to build up funds to buy an Ayala-developed residential unit.
In a disclosure to the Philippine Stock Exchange Tuesday, ALI said it had obtained board approval to offer the “Homestarter” bonds, which would be registered with the Securities and Exchange Commission.
“Net proceeds shall be utilized for general corporate purposes,” the company said.
The bonds will be sold in a general public offering to retail investors, the company said in its regulatory filing.
Launched in 2006, the latest series of “Homestarter” bonds will be the seventh such offering from Ayala Land.
The last series, worth P2 billion, was issued last year.
The bonds will be offered to retail investors who wish to set aside funds that may be used as full or partial downpayment in the purchase of an Ayala Land property.
Bondholders will earn bonus credits through the program—a special discount on the net selling price of various ALI properties should the bondholder decide to apply the principal amount and accrued interests, net of taxes, as a downpayment to buy an Ayala Land property.
For those who, for any reason, need to unload their bonds ahead of maturity, they can opt to sell them over the counter with the help of partner-banks. Doris C. Dumlao, Philippine Daily Inquirer
Read more: http://business.inquirer.net/171583/ali-to-offer-p5b-worth-of-bonds#ixzz32yzr0Gu4
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