General Announcement::Ayala Corporation Successfully Prices US$400 Million Senior Fixed-for-Life Perpetual Notes

Issuer & Securities

Issuer/ Manager
AYC FINANCE LIMITED
Securities
AYCFINANCE US$400M5.125%N - XS1681502537 - 7V7B
AYC FINANCE US$400M4.85%N - XS2068075980 - 8R5B
AYCFINANCE US$300M0.5%B190502 - XS1056384420 - 3M9B
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
17-Sep-2021 14:52:28
Status
New
Announcement Sub Title
Ayala Corporation Successfully Prices US$400 Million Senior Fixed-for-Life Perpetual Notes
Announcement Reference
SG210917OTHRIR7M
Submitted By (Co./ Ind. Name)
Solomon M. Hermosura
Designation
Company Secretary and Director
Effective Date and Time of the event
17/09/2021 17:00:00
Description (Please provide a detailed description of the event in the box below)
Ayala Corporation (PSE: AC) (the "Guarantor" or "AC"), one of the largest conglomerates in the Philippines, announced that it has successfully set the terms for a US dollar-denominated fixed-for-life (non-deferrable) senior perpetual issuance on 16 September 2021. The Notes have an aggregate principal amount of US$400 million with a fixed coupon of 3.90% for life, with no step-up and no reset, payable semi-annually. The Notes will be issued by AYC Finance Limited (the "Issuer" or "AYC"), a subsidiary whose ordinary shares are 100% held directly by AC, and will be unconditionally and irrevocably guaranteed by AC.

The Notes were priced at par with a re-offer yield of 3.90%, which represents a 40 basis points compression from the initial price guidance of 4.30% and demonstrates the strong investor confidence in the Ayala name. The final order book was over US$1.75 billion (4.4x oversubscribed), supported by a wide range of high quality investors.

Please see attached Press Release for more details.

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

THE SECURITIES AND TENDER OFFER ARE NOT AND WILL NOT BE REGISTERED WITH THE PHILIPPINE SECURITIES AND EXCHANGE COMMISSION. ANY FUTURE OFFER OR SALE OF THE SECURITIES IN THE PHILIPPINES IS SUBJECT TO THE REGISTRATION REQUIREMENTS UNDER THE PHILIPPINE SECURITIES REGULATION CODE (THE SRC ), UNLESS SUCH OFFER OR SALE QUALIFIES AS A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SRC.

The securities referred to herein will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States or any other jurisdiction. Any securities as referred to herein will only be offered and sold outside the United States in reliance on Regulation S under the Securities Act and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. No public offering of any securities referred to herein will be made in the United States, the Philippines or in any other jurisdiction where such an offering is restricted or prohibited.

This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or any other jurisdiction where such offer or sale would be unlawful. Release, transmission or distribution to any person is prohibited. No money, securities or other consideration is being solicited by this announcement or the information contained herein and, if sent in response to this announcement or the information contained herein, will not be accepted.

Attachments

SEC-PSE-PDEX-Ayala Corporation Successfully Prices US$400 Million Senior Fixed-for-Life Perpetual Notes.pdf
Total size =495K