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Wednesday, July 14, 1999
 
AC ( 07/14/1999 : BW )
AC International Finance Ltd. (ACIFL), a wholly owned subsidiary of conglomerate Ayala Corp., recently launched and priced a $200-million eurobond transaction under its newly established Euro Medium Term Note (EMTN) program. This facility is intended to provide ACIFL the flexibility and speed to tap the capital markets for its future funding requirements. The bond, which matures in five and a half years, has a coupon of 8.75%, and was priced at a 310-basis-point spread over the five-year US Treasury instrument. Bookings for the bonds were closed on July 8 after orders reached $500 million for what was originally a $150-million offer. The company decided to increase the issue size to $200 million, following strong market demand and a drop in the US Treasury rates, which made a larger bond issue more attractive. Investor road shows were held in Singapore and Hong Kong last week, and was followed by orders from Asia, the United States, and Europe. Over 35% of orders came from outside Asia, reflecting Ayala Corp.'s global recognition as the leading Philippine conglomerate. The bond is fully guaranteed by ACIFL's parent company, Ayala Corp. The issue was managed by Goldman Sachs and JP Morgan Securities as joint lead managers, HSBC Markets as senior co-lead manager, and ABN-AMRO, BPI Capital Corp., and ING Barings as co-lead managers. Goldman Sachs was also the sole bookrunner.
- posted by StockMarket @ 4:02 PM

Tuesday, July 13, 1999
 
AC ( 07/13/1999 : PSE )
Please be informed that AC International Finance Limited, a wholly-owned subsidiary of Ayala Corporation ("AC"), launched last Friday, 09 July 1999, a US$200 million Eurobond Issue guaranteed by AC. The unsecured Notes priced at 310 basis points spread over the 5-year US Treasury, will have an issue date of 16 July 1999 and a term of 5.5 years or until 17 January 2005. The Notes will have a coupon fixed rate of 8.75%, payable semi-annually, and will be listed at the Luxembourg Stock Exchange.
- posted by StockMarket @ 4:01 PM

 
AC ( 07/13/1999 : AFX )
The 200 M usd Eurobond offer of Ayala Corp unit AC International Finance Ltd was oversubscribed, following its launch Friday, an Ayala statement said. Orders reached 500 M usd on Thursday, prompting AC International to raise the offer size to 200 M usd from 150 M, it said. The bonds, maturing in 5.5 years and carrying a coupon rate of 8.75%, were priced 310 basis points above the 5-year U.S. treasury. "Orders were received from all over Asia, the U.S. and Europe. Over 35% of the orders were from outside Asia, reflecting Ayala Corp's global recognition as the leading Philippine conglomerate," the statement said. A roadshow was held in Singapore and Hong Kong early last week. The bond offer, fully guaranteed by Ayala, was jointly lead managed by Goldman Sachs and JP Morgan Securities.
- posted by StockMarket @ 4:00 PM


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