Metrobank beefs up Ayala credit line with $200M
Ayala Corp. obtained $200 million in fresh credit from Metropolitan Bank & Trust Co. (Metrobank), funds from which will be used to support the conglomerates’ business expansion efforts.
Ayala said in a statement on Tuesday the loan facility was signed on Sept. 16. Before this, Metrobank has been providing a credit line to Ayala for its real estate developments, renewable energy projects and data centers.
“This deal is a testament of our decades-long support to the Ayala Group’s growth aspirations of building businesses that transform industries, challenge the status quo, and bring innovations that contribute to the Philippines’ social and economic development goals” said Mary Mylene Caparas head of institutional banking sector at Metrobank.
Ayala chief financial officer Albert de Larrazabal said this “loan agreement with Metrobank will support our efforts to sharpen our portfolio and allocate capital to clear business winners.” This year, the Ayala Group is set to increase its capital expenditures by 14 percent to P284 billion.
The conglomerate previously expressed the need to prioritize the funding for renewable energy projects through ACEN Corp. The listed energy company aims to expand its renewable energy portfolio to 20,000 megawatts by 2030.
For its transportation arm AC Mobility, the Ayala Group plans to build 100 electric vehicle charging stations this year, in addition to the existing 33 units. Last month, the Zobel family-led company raised P2.21 billion from the sale of treasury common shares, proceeds of which are allocated for general corporate purposes.
Ayala saw its earnings grow by 18 percent to P24.3 billion in the first half driven by its core businesses.
