Cirtek raises P600 million from CP issuance

MANILA, Philippines — Cirtek Holdings Philippines Corp., a technology company, has strengthened its war chest for growth and future expansion.

The company successfully raised some P600 million from the issuance of commercial papers.

Cirtek will use the proceeds from the offer to refinance in part the working capital of its subsidiaries, namely Quintel USA, Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions Inc. (CATSI).

Proceeds will also be used to pay some financial obligations.

Cirtek’s Quintel USA designs, develops and delivers advanced high efficiency, high-performance antenna products and solutions that help mobile network operators increase efficiency.

Quintel antennas allow reduced tower drag due to aerodynamics and ultra-low passive intermodulation that enable quality of service such as better voice clarity.

CATSI offers excellent cost competitive electronics manufacturing solutions for emerging products of equipment manufacturers and designers.

The commercial paper issuance represents the second tranche of a registered debt plan of P6 billion over a three-year period.

Local debt watcher Philippine Ratings Services Corp. (PhilRatings) earlier assigned a credit rating of PRS A (corp.) with a Stable Outlook on Cirtek’s papers.

PhilRatings said the company has an above average capacity to meet its financial commitments relative to that of other Philippine corporates while a Stable Outlook indicates that the rating is likely to be maintained or to remain unchanged in the next 12 months.