Alsons lists ₱600 Million second tranche of Commercial Papers with PDEx
Alsons Consolidated Resources, Inc. (ACR) has listed with the Philippine Dealing and Exchange Corporation (PDEx), ACR’s second tranche – worth ₱600 million – of its ₱3 billion Commercial Paper (CP)
Program. The Company had issued its first tranche worth ₱1.4 billion in CPs in July of this year. Multinational Investment Bancorporation was the manager, arranger, and underwriter for the issuance, while Acuña and Francisco Law served as the transactional legal counsel, and AB Capital and Investment Corporation acted as the facility agent. Proceeds from the issuance will be used primarily for general working capital purposes.
Earlier this year, the Company received a PRS A plus (corp.) issuer credit rating from the Philippine Rating Services Corporation (PhilRatings). According to PhilRatings, a PRS A plus (corp.) rating means the Company “has an above average capacity to meet its financial commitments relative to other Philippine corporates.”
ACR is Mindanao’s first private sector power generator providing electricity to over 8 million people in 14 cities and 11 provinces in the country’s second largest island. The Company currently has a portfolio of four power plants in Mindanao with a total capacity of 468 mega-watts (MW).
ACR is currently constructing a ₱4.5 billion 14.5 MW hydroelectric power plant at the Siguil River basin in Sarangani Province. The Siguil Hydro Power plant will be the first of eight hydropower facilities that the Company plans to develop.