Ayala’s AYC Finance gets tenders for $40.12 million of perpetuals

Chicago, May 6 – Philippines’ AYC Finance Ltd. announced that it received tenders for $40.12 million of its 5 1/8% undated notes (ISIN: XS1681502537) guaranteed by parent company Ayala Corp., according to a notice.

The company was offering to buy up to $100 million of the $300 million issue.

Since the tender cap was not reached, tenders will not be prorated.

AYC Finance was offering to purchase the notes at $1,002.50 per $1,000 principal amount.

In addition, the company will pay accrued interest.

The offer expired at 11 a.m. ET on May 5.

Settlement is slated for May 10.

The issuer said it was conducting the tender offer as part of its active liability management program.

BPI Capital Corp. (+632 8246-5149 / +632 8246 5150, +852 2101 7700, bpicapsyndicate@bpi.com.ph) and Credit Suisse (Singapore) Ltd. (+852 2101 7700, list.hkdcmsyndicate@credit-suisse.co) are the dealer managers for the tender offer.

Kroll Issuer Services Ltd. (+852 2281 0114 / +44 20 7704 0880, ayala@is.kroll.com, attn.: Mu-yen Lo / Illia Vyshenskyi, https://deals.is.kroll.com/ayala) is the tender and information agent.

Ayala is a Makati City, Philippines-based conglomerate.

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