Alsons lists P 1.4 B Commercial Papers with PDEx

Philippine Stock Exchange

Alsons Consolidated Resources, Inc. (ACR) has listed with the Philippine Dealing and Exchange Corporation (PDEx), an initial ₱1.4 billion of the Alcantara -led company’s Commercial Papers (CP) Program valued at up to ₱3.0 billion.

The securities will be offered in one or more tranches within three years from 25 June 2021. Multinational Investment Bancorporation was the issue manager, arranger, and underwriter for the issuance; while Acuña and Francisco Law served as the transactional legal counsel, and AB Capital and Investment Corporation acted as the facility agent.

Earlier this year, the issuance received a PRS A plus (corp.) issuer credit rating from the Philippine Rating Services Corporation (PhilRatings). According to PhilRatings, a PRS A plus (corp.) rating means the company has an above average capacity to meet its financial commitments relative to other Philippine corporates.

At a virtual ceremony marking the listing, ACR Chairman and President Nicasio I. Alcantara said, “We are pleased with the opportunity to provide investors with an attractive alternative investment outlet as we once again tap the short-term capital market in our continuing quest to ensure the provision of safe, reliable and affordable power for the people of Mindanao and other areas of the Philippines.”

ACR is Mindanao’s first private sector power generator providing electricity to over 8 million people in 14 cities and 11 provinces in the country’s second largest island. The company currently has a portfolio of four power plants in Mindanao with a total capacity of 468 mega-watts (MW).

ACR expects to add another power plant to its portfolio when the company’s ₱4.5 billion 14.5 MW hydroelectric power plant currently under construction at the Siguil River basin in Sarangani Province, begins operations in early 2022. – BusinesssNewsAsia.com