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Manila Bulletin devider Business devider Maynilad's P15-billion 'blue' bonds ready to launch

Maynilad's P15-billion 'blue' bonds ready to launch

Published Jun 28, 2024 10:44 am

Maynilad Water Services, Inc., the water provider of most cities in Metro Manila, has been granted by the Securities and Exchange Commission (SEC) a permit to sell its P15 billion blue bond offering.

This comes after the Philippine Rating Services Corporation granted Maynilad’s blue bonds a PRS Aaa with a stable outlook, the highest credit rating on its scale, and is given to debt obligations with the smallest degree of investment risk.

The permit to sell covers the proposed public offer and sale of fixed-rate blue bonds of P12 billion and an oversubscription option of P3 billion.

The bonds will be issued in two series: the five-year tenor, due by 2029, with a rate of 6.7092 percent, and the 10-year tenor, due by 2023, with a rate of 7.0931 percent.

Proceeds from the offer shall be used primarily to finance eligible blue projects and/or blue activities under SEC Memorandum Circular No. 15, Series of 2023 (“Guidelines on Eligible Blue Projects and Activities for the Issuance of Blue Bonds in the Philippines”).

Maynilad’s offer period will run from July 1 to 5, and is expected to issue and list its blue bonds on Philippine Dealing Exchange Corp. on July 12.

Maynilad has tapped BPI Capital Corporation as the sole issue manager for the offer. BPI Capital will also act as joint lead underwriter and joint bookrunner, together with BDO Capital & Investment Corporation, First Metro Investment Corporation, and East West Banking Corporation.

Related Tags

Philippine Rating Services Corporation (PhilRatings) Securities and Exchange Commission (SEC) Maynilad Water Services Inc.
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