Ayala Corporation, the Philippines' largest and oldest conglomerate, raised Ps6 billion $140 million yesterday through a five-year fixed-rate bond offer. The deal is a follow-on transaction of the companyÆs Ps7 billion five-year deal in 2004, which Ayala pre-paid prior to maturity in October to take advantage of lower interest rates. The main objective of this latest offering was to recapture those investors who participated in the previous transaction.
ôAyala didnÆt strictly need the funds, since the company ended the year with $500 million in cash, says a source close to the deal. However, this latest transaction was crucial in order for Ayala to hang on to its investor base, which it might have lost had...
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