Cirtek Holdings Philippines Corporation (TECH) reported that its P1 billion commercial paper (CP) offering was more than four times oversubscribed at a time of monetary easing and consecutive rate cuts by central banks both locally and international.
In a disclosure to the Philippine Stock Exchange, the firm said it will list today its P1 billion worth of CPs with the Philippine Dealing and Exchange Corp as part of TECH’s P6 billion CP Program.
Multinational Investment Bancorporation acted as sole arranger and lead underwriter of the issue.
TECH’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 2021.
Proceeds will also 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.
Today, the Cirtek Group has built a strong brand within the industries and customers it serves for developing and delivering innovative high-quality products, production flexibility, supply chain stability, competitive costing and capability to work with customers on development of next generation products.