Ayala Land signs P15-B loan deal with Metrobank

LISTED Philippine property developer Ayala Land, Inc. has signed a 10-year loan deal with Metropolitan Bank & Trust Co. (Metrobank) worth P15 billion as part of its fund-raising activity.

The loan would be used to partially fund capital expenditure requirements and debt refinancing, Ayala Land said in a statement at the weekend.

Metrobank has been helping the real estate company grow over the years, Ayala Land President and Chief Executive Officer Anna Ma. Margarita B. Dy said in the statement.

“This substantial financing facility from Metrobank has played a pivotal role in fueling ALI’s remarkable growth trajectory,” it said. “Since 2008, the Metrobank group has been very supportive in facilitating fund-raising activities amounting to an impressive P200 billion.”

With the loan, Metrobank is now the second largest lender to the Ayala Land group, accounting for 23% of the property company’s bank debt, it said.

Metrobank President Fabian S. Dee said the loan deal reflects the bank’s confidence in Ayala

Ayala Land shares were last traded on Jan. 5 at P34.30 each. — Revin Mikhael D. Ochave