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Maynilad eyes P15 billion from sale of bonds

Jasper Emmanuel Arcalas - The Philippine Star
Maynilad eyes P15 billion from sale of bonds
“From our last report, from our banks, it’s oversubscribed and they’re confident of beating P15 billion,” Maynilad president and CEO Ramoncito Fernandez told reporters on the sidelines of the ceremonial breakthrough of the fifth tunnel at Ipo Dam yesterday.
STAR / File

MANILA, Philippines — Maynilad Water Services Inc. is optimistic it will raise as much as P15 billion from its maiden issuance of blue bonds, its president and CEO said.

“From our last report, from our banks, it’s oversubscribed and they’re confident of beating P15 billion,” Maynilad president and CEO Ramoncito Fernandez told reporters on the sidelines of the ceremonial breakthrough of the fifth tunnel at Ipo Dam yesterday.

Fernandez said the uniqueness of the water utility firm’s bond issuance was its main attractive point to investors.

“It is a unique investment. It is a utility and it is in water,” he said.

The West Zone concessionaire moved the listing of its blue bond issuance at the Philippine Dealing and Exchange Corp. (PDEx) to first week of July from the earlier schedule of June 7.

Fernandez explained that the listing was rescheduled in anticipation of better market conditions.

“It’s still in the process. We requested for an extension,” he said.

“Our bankers are also looking at the timing, if the market conditions are good. At the end of the day, we will definitely launch (it by) first week of July,” he added.

Last month, the Securities and Exchange Commission approved Maynilad’s P12-billion fixed-rate blue bonds offering with an oversubscription option of up to P3 billion with tenors of five years and/or 10 years.

BPI Capital Corp. was tapped 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 Corp., First Metro Investment Corp. and East West Banking Corp.

As provided under the guidelines on eligible blue activities and activities for the issuance of blue bonds in the Philippines, Maynilad will use the proceeds primarily to finance eligible blue activities.

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MAYNILAD WATER SERVICES INC.

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