Cirtek issues ₱2-B CPs

Published February 21, 2020, 12:00 AM

by manilabulletin_admin


Cirtek Holdings Philippines Corporation (Cirtek) has raised ₱2 billion from the issuance of commercial papers and has listed these with the Philippine Dealing and Exchange Corporation.

“This is an auspicious day for Cirtek as we celebrate our first fixed income instrument listing with the PDEx. This is a historic milestone for the company and we thank PDEx and all our partners for making this happen,” Cirtek said.

Multinational Investment Bancorporation acted as sole arranger and lead underwriter.

“The success of the offering is demonstrated in its oversubscription at a time of monetary easing and consecutive rate cuts by central banks both locally and international,” said Cirtek.

The firm’s commercial paper offering has been assigned a credit rating of PRS A (corp.) with a Stable Outlook by the Philippine Ratings Services Corporation (PhilRatings).

The company intends to use the proceeds from the offer to partially retire its short-term obligations maturing in 2020 and refinance working capital of its subsidiaries, namely Quintel USA, Cirtek Electronics Corp. (CEC) and Cirtek Advanced Technologies and Solutions, Inc. (CATSI) as it takes part in the creation of a truly 5G enabled world.

Quintel USA designs, develops and delivers advanced high efficiency, high-performance antenna products and solutions that help mobile network operators increase efficiency, enhance quality-of-service, slash costs and accelerate returns.

CATSI manufactures valued added, highly integrated microwave and millimeter wave technology products catering to the military, telecommunications, satellite communications, enterprise networks, automotive radar, semiconductor test boards, and industrial segment.

CEC provides fully integrated assembly, packaging, and test and turnkey solutions of semiconductor devices.