Ayala Land Inc. (ALI) has raised P15 billion from the issuance of sustainability-linked bonds to support the redevelopment of several properties across Luzon.
The Zobel family-led real estate giant on Wednesday said the bonds were linked to ALI’s achievement of two key sustainability targets:
42-percent reduction in greenhouse gas emissions across its malls, offices and hotels by 2030; and
EDGE Zero Carbon certification for 1.5 million square meters of office space by the end of 2025.
The offering includes five-year Series C bonds due 2030 at a fixed rate of 6.0671 percent per annum and 10-year Series D bonds due 2035 at 6.3192 percent per annum.
Sustainability war chest
‘With this issuance, we have raised a total of P56 billion, or approximately $1 billion-a milestone that reflects our collective progress in integrating sustainability into the way we fund growth,’ ALI chief finance officer Jose Eduardo Quimpo II said in a statement.
Of the total proceeds, 60 percent will be used to refinance existing debt, while the remaining 40 percent will support the redevelopment of the BPI Headquarters and Greenbelt 1 in Makati City.
Funds will also be earmarked for the development of Ayala Malls Evo City in Cavite province.