Manila's Ayala Corp plans $229 million retail bond offer

MANILA: Philippine conglomerate Ayala Corp. said its board approved on Monday a plan to sell 10 years peso denominated bonds via a public offering to raises up to 10 billion pesos $229 million.

The retail offering includes an oversubscription option of up to 4 billion pesos, chief finance officer Delfin Gonzalez said in a letter to the stock exchange.

The company did not say when the offer will be launched and how the proceeds will be used.

The bonds carry a put option on the fifth year from issue date of up to 20 percent of the principal amount and on the eighth year at up to 100 percent.