Ayala’s AC Energy to launch green perpetuals offering, tender offers

By Marisa Wong

Los Angeles, Nov. 19 – Ayala Corp. subsidiary AC Energy, Inc. began a series of fixed-income investor calls on Nov. 18 to market dollar-denominated senior green fixed-for-life (non-deferrable) perpetual notes, according to a 17-C filing with the Philippine Securities and Exchange Commission.

The perpetual notes will be issued by AC Energy’s wholly owned subsidiary, AC Energy Finance International Ltd., and guaranteed by AC Energy.

The notes will be issued as a drawdown from the company’s recently updated $2 billion medium-term note program.

AC Energy has mandated BPI Capital Corp., Credit Suisse (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd. and UBS AG Singapore Branch as joint lead managers and joint bookrunners for the Regulation S offering. BPI Capital is the global coordinator.

The issuer has also announced a concurrent any-and-all tender offer of its $400 million senior fixed-for-life green undated notes (ISIN: XS2082433736) and a capped tender offer of its existing $360 million senior green notes due 2024 (ISIN: XS1940840132).

The tender offers will expire at 4 p.m. ET on Nov. 26.

Ayala is a Makati City, Philippines-based conglomerate.

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