SEC approves Cirtek’s P2 billion CP issuance

MANILA, Philippines — The Securities & Exchange Commission (SEC) has approved the amended registration statement of Cirtek Holdings Philippines Corp. (Cirtek) to issue up to P2 billion worth of commercial papers.

The CPs will be listed on the Philippine Dealing & Exchange Corp., the country’s fixed income exchange, on Feb. 20.

Cirtek said the CPs, comprising P500 million worth of Series A, P500 million Series B and P1 billion Series C,  may be issued in lump-sum or in tranches and shall have an interest rate fixed prior to the issuance.

The succeeding tranches, if any, shall be issued within three years,” Cirtek said.

Cirtek aims to raise P1.9 billion in net proceeds to refinance existing debt and cover working capital requirements.

The company has engaged Multinational Investment Bancorp. as underwriter.

Cirtek is a major global technology firm and electronics manufacturer. It is the holding company of Cirtek Electronics Corp. and Cirtek Electronics International Corp.

Through its subsidiaries, the company designs, produces and delivers station antenna systems for wireless communication.

Cirtek  also  manufactures solutions for value-added, highly integrated radio frequency (RF), microwave and millimeterwave technology products, and provides full service/turnkey solutions including wafer probing, wafer back grinding, assembly, packaging and final testing of semiconductor devices.

The company’s products cover a wide range of applications and industries, including communications, consumer electronics, power devices, computing, automotive and industrial.