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AYAAF | Quote | Chart | News | PowerRating -- In a disclosure to the Philippine Stock Exchange, Ayala Land Inc. (ALI) said it would secure a financing facility worth P2.38 billion, which will have three tranches with maturities of five, seven and 10 years.
"The proceeds will be drawn [Wednesday] and are intended for general corporate purposes, including capital expenditures," Jaime Ysmael, ALI senior vice president and chief finance officer, said.
Joint lead managers for the facility are Insu lar Investment and Trust Corp., First Metro Investment Corp. and BPI Capital Corp.
ALI, however, did not to disclose the yield of the facility.
The company earlier said it is advancing its subdivision and business process outsourcing (BPO) campus-type development as it adjusts to the shifting market demand as a result of a slowing economy.
Jaime Ayala, ALI president, said the P20-billion capital expenditure for this year--which is P4 billion less than last year's original budget--is not necessarily a mark of a slowdown in the company's activities.
At present, the property firm is developing the 35-hectare Marquee Place, a gated subdivision in Angeles City, Pampanga, that is set to be completed next year. In 2007, it also launched a subdivision in Cagayan de Oro City and a third in the 1,600-hectare Nuvali, Canlubang, called Abrio, which is a 70-hectare subdivision.
Ayala said the company is also veering away from big high-rise office spaces, opting instead to develop campus-type spaces for BPO firms like the UP-Ayala Land Techno Hub that was launched last year. These developments often integrate commercial and office spaces with occasional provisions for workers' residences.
Ayala Land has doubled its gross leasable office space to 150,000 to 160,000 square meters, another 100,000 square meters by the end of this year.
The company is also set to build similar BPO campuses in Camp John Hay in Baguio City, Davao and in Nuvali, Canlubang.
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| Name | Symbol | PR |
| Direxion Developed Markets Bear 3X Shares | DPK | 10 |
| ProShares UltraShort MSCI EAFE | EFU | 10 |
| ProShares Trust II: UltraShort Euro | EUO | 10 |
| Direxion Financial Bear 3x Shares | FAZ | 10 |
| Rydex Invrs 2x S&P Sel Sctr Finl ETF | RFN | 10 |
| ProShares UltraShort Russell 1000 Value | SJF | 10 |
| ProShares UltraShort Financials | SKF | 10 |
| PowerShares Build America Bond | BAB | 9 |
| Direxion Large Cap Bear 3x Shares | BGZ | 9 |
| Vanguard Intermediate Term Bond ETF | BIV | 9 |
