SEC approves Maynilad’s P15 billion ‘blue bond’ offering

MANILA, Philippines — The Securities and Exchange Commission (SEC) has given the green light to the P15 billion blue bond offering of  West Zone concessionaire Maynilad Water Services Inc.

The commission en banc in its meeting resolved to render effective the registration statement of Maynilad covering up to P12 billion of fixed-rate blue bonds, with an oversubscription option of up to P3 billion.

The approval is subject to the company’s compliance with certain remaining requirements.

Based on its latest timetable, Maynilad will offer the bonds at face value from May 27 to 31, with listing at the Philippine Dealing and Exchange Corp. eyed on June 7.

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 proceeds primarily to finance eligible blue activities.

Eligible blue projects are classified into several categories, including sustainable fisheries management, sustainable aquaculture, wastewater management, and marine and offshore renewable energy that do not harm marine ecosystems, among others.

Blue bonds refer to a subset of green bonds and sukuk whose proceeds will exclusively be used to finance or refinance new and/or existing eligible blue projects and activities.