Alsons Consolidated Resources Inc. announced Friday the listing of commercial paper worth P1.4 billion with the Philippine Dealing and Exchange Corp.
The listing forms part of the first tranche of the Alcantara-led company’s commercial papers program amounting to 3 billion. The securities will be offered in one or more tranches within three years from June 25.
“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,” Alsons chairman and president Nicasio Alcantara said.
Multinational Investment Bancorp. was the issue manager, arranger and underwriter for the issuance, while Acuña and Francisco Law served as the transactional legal counsel. AB Capital and Investment Corp. acted as the facility agent.
The issuance earlier received a PRS A plus (corp.) issuer credit rating from the Philippine Rating Services Corp.
A PRS A plus (corp.) rating means the company has an above average capacity to meet its financial commitments relative to other Philippine corporates.
Alsons is Mindanao’s first private sector power generator providing electricity to over eight million people in 14 cities and 11 provinces in the country’s second largest island.
The company has a portfolio of four power plants in Mindanao with 468 megawatts.
Alsons expects to add another power plant with the construction of the P4.5-billion 14.5 MW hydro power plant at the Siguil River basin in Sarangani province.