AC Energy Inc. through subsidiary AC Energy Finance International Ltd. is set to tap the international financial market with the issuance of dollar-denominated notes from its recently updated $2-billion medium term note program, parent company Ayala Corp. said Wednesday.
“The notes will be issued by AC Energy Finance International Ltd., a wholly-owned subsidiary of AC Energy, and will be guaranteed by AC Energy,” Ayala Corp. said in a disclosure to the Philippine Stock Exchange.
AC Energy, the energy platform of the Ayala Group, established a $1-billion MTNP last year and decided to upsize it to $2 billion for financial flexibility.
AC Energy designated BPI Capital Corp. as sole global coordinator, joint lead manager and joint bookrunner and Credit Suisse (Hong Kong) Ltd., The Hongkong and Shanghai Banking Corporation Ltd. and UBS AG Singapore Branch as joint lead managers and joint bookrunners, to arrange a series of investor calls on Nov. 18 and a Regulation S drawdown of US dollar-denominated senior green fixed-for-life (non-deferrable) perpetual notes from the recently updated $2 billion MTNP, subject to market conditions.
AC Energy Finance will also conduct a concurrent any-and-all tender offer of its $400-million senior fixed-for-life green undated notes and a capped tender offer of existing $360-million senior unsecured green notes due 2024.
The tender offer will expire at 4 p.m. (London Time) on Nov. 26.
AC Energy posted a net income of P6.97 billon in the first nine months, compared to a net loss of P2.784 billion in the same period last year.
The company aims to exceed 5,000 megawatts of attributable capacity and generate at least 50 percent of energy from renewables by 2025.