Ayala Land raises $298 million from top-up placement

The Philippine blue-chip developer upsizes its deal on the back of strong demand, while a concurrent top-up and secondary placement in RCBC raises $150 million.
<div style="text-align: left;"> An Ayala shopping mall in Subic Bay </div>
<div style="text-align: left;"> An Ayala shopping mall in Subic Bay </div>
March 08, 2013

Ayala Land, a Philippine property developer, has raised Ps12.2 billion ($298 million) from an enlarged top-up placement, after pricing the deal below the mid-point of the indicative price range. The company plans to use the proceeds primarily to fund its next phase of development.

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