Published March 06, 2012

Dow Jones Newswires

MANILA – Ayala Land Inc. (ALI.PH) is looking to raise as much as PHP10 billion ($233 million) from its planned sale of seven- and 10-year callable bonds, a preliminary prospectus filed on Tuesday with regulators by the Philippines’ largest property developer by market capitalization showed.

Ayala Land plans to issue the 2019 and 2022 bonds in April. The bonds will be sold at 100% of face value.

The company has hired BPI Capital Corp. and HSBC as joint issue managers and underwriters for the planned sale.

Ayala Land earlier announced plans to spend PHP37 billion this year to launch 24,800 residential units across its various brands. The company will use the proceeds from the bond sale to partly finance this year’s capital expenditure program.