Alsons Consolidated Resources Inc., the listed investment holding company of the Mindanao-based Alcantara Group, is raising up to P2 billion from the issuance of commercial paper.
ACR said in a filing with the Securities and Exchange Commission the CPs would be issued as first tranche from its P3-billion shelf-registration program.
The P2 billion CPs will have tenors of 182 days and 364 days.
It said the net proceeds would be used to fund maturing short-term obligations and partially finance a hydropower project.
ACR has P1.24 billion worth of loans maturing in the first half of 2021.
The company is constructing a 22-megawatt project in Zamboanga City under Sindangan Zambo-River Power Corp. The whole development is estimated to cost P2.85 billion.
ACR hired Multinational Investments Bancorporation as the sole issue manager, lead arranger and underwriter for the offering.