AC Energy buys back $130 million notes

MANILA, Philippines — AC Energy and Infrastructure Corp. (ACEIC) is buying back over $130 million worth of notes following the tender offer of $400-million 5.65 percent guaranteed undated notes.

In a disclosure to the Philippine Stock Exchange yesterday, ACEIC said $130.7 million were tendered and accepted for purchase when the tender offer expired on Nov. 17.

“The settlement date for the tender offer for the notes is expected to be on or about Nov. 19, ” ACEIC said.

The amount was more than half of the $213.11 million that was outstanding from the $400 million 5.65 percent guaranteed undated notes.

“ACEIC will be paying back the investors early,” ACEN president and CEO Eric Francia said in a text message.

The notes were issued by ACEIC’s wholly owned subsidiary AC Energy Finance International Ltd. in November 2019.

They were listed on the SGX-ST and were certified under the ASEAN Green Bonds Standards by the Securities and Exchange Commission.

The ASEAN Green Bonds Standards is an initiative that facilitates ASEAN capital markets in tapping green finance to support sustainable regional growth and meet investor interest for green investments and is part of the ASEAN Capital Markets Forum’s broader efforts in developing green finance for the region.

ACEIC’s notes also represented the first US dollar denominated fixed-for-life green bond ever issued globally.

The company deployed the funds for renewable energy expansion across the Asia Pacific region to include the Philippines, Indonesia, Vietnam, Myanmar, India and Australia, among others.

ACEN, a subsidiary of ACEIC, aspires to be the largest listed renewables platform in Southeast Asia with its 2025 goal of reaching 5,000 megawatts (MW) of renewable capacity.

The company has 2,600 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. Its  renewable share of capacity is at 80 percent, one of the highest in the region.