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Manila Bulletin devider Business devider Alsons raises P1.15 B from debt sale

Alsons raises P1.15 B from debt sale

Published Nov 29, 2023 09:45 am

At A Glance

  • Alcantara-led Alsons Consolidated Resources Inc. (ACR) raised over P1.15 billion from the third tranche of its P3 billion commercial paper program.<br>ACR was permitted by the Securities and Exchange Commission to sell 182-day and 364-day commercial papers at interest rates of 7.9054 percent and 8.6107 percent per annum, respectively.<br>The second tranche of P1.38 billion was listed in June, following the first tranche of P620 million listed in December the previous year, with proceeds primarily for general working capital purposes.<br>The Alcantara Group, a major energy player in Mindanao and Visayas, is expanding with a focus on renewable energy through hydroelectric and solar power facilities.<br>ACR's 14.5 megawatt Siguil Hydro power plant, under construction in Maasim, Sarangani Province, is set to begin operations before the end of the year.<br>ACR sustained its "stable outlook" rating from the Philippine Rating Services Corp this year for the issuance of up to P3 billion in commercial papers.<br>The PRS Aa rating indicates a "strong capacity to meet its financial commitments relative to other Philippine corporates."

Alcantara-led Alsons Consolidated Resources Inc. (ACR) has successfully raised over P1.15 billion from the third tranche of its P3 billion commercial paper program.

The Securities and Exchange Commission had given ACR the permit to sell 182-day and 364-day commercial papers at an interest rate of 7.9054 percent and 8.6107 percent per annum, respectively.

The second tranche of P1.38 billion was listed in June this year, while the first tranche of P620 million was listed in December a year ago, of which the proceeds will be used primarily for general working capital purposes.

The Alcantara Group, a major energy player in Mindanao and Visayas, is set to continue expanding with a focus on renewable energy through several hydroelectric and solar power facilities.

One of the firm's renewable energy plants is the 14.5 megawatt Siguil Hydro power plant which is currently under construction in Maasim, Sarangani Province, and is set to begin operations before the end of this year.

The company earlier this year sustained its "stable outlook" rating from the Philippine Rating Services Corp. This rating was related to ACR's issuance of up to P3 billion in commercial papers.

The PRS Aa rating entails a "strong capacity to meet its financial commitments relative to other Philippine corporates."

The factors that were considered by the rating agency on Alsons were the commencement of operations of the Wholesale Electricity Spot Market in Mindanao and the Mindanao-Visayas Interconnection Project (MVIP) which may finally be started this year.

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Alsons Consolidated Resources Inc.
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