Manila Water eyes sustainability bonds

Published July 22, 2020, 10:00 PM

by James A. Loyola

Manila Water Company is planning to tap the overseas market through an offering of US dollar-denominated senior unsecured notes.

In a disclosure to the Philippine Stock Exchange, Manila Water said it has recently established a Sustainable Financing Framework with DNV GL providing a second party opinion.

Net proceeds from the issue of the Notes are intended to refinance debt and finance programmed capital expenditure for 2020-2021, pursuant to the Sustainable Financing Framework.

Projects to be refinanced and financed relate to the Sustainable Water and Wastewater Management, Terrestrial and Aquatic Biodiversity Conservation, and Affordable Basic Infrastructure categories.

The Sustainable Financing Framework is aligned with the Green Bond Principles 2018 and Social Bond Principles 2018. In addition, the Sustainable Financing Framework complies with the ASEAN Sustainability Bond Standards and SEC MC No. 8, s 2019. BPI Capital Corporation, Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Limited, The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, Mizuho Securities (Singapore) Pte. Ltd. and UBS AG Singapore Branch have been mandated as Joint Lead Managers and Joint Bookrunners for the transaction.