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Cirtek Holdings lists P1-B commercial papers on PDEx
April 29, 2021 | 12:03 am
CIRTEK Holdings Philippines Corp. said the “success” of its listing of P1-billion worth of commercial papers on Wednesday is seen by the offering’s over four times oversubscription at a time of monetary easing and consecutive rate cuts by local and foreign central banks.
“The company intends to use the proceeds from the offer to partially retire its short-term obligations maturing in 2021 and refinance working capital of its subsidiaries,” the company said in a statement to mark the listing with the Philippine Dealing and Exchange Corp (PDEx).
The offering is part of Cirtek’s P6-billion commercial paper program. Multinational Investment Bancorporation acted as its sole arranger and lead underwriter.
Published April 28, 2021, 4:15 PM
Cirtek Holdings Philippines Corporation (TECH) reported that its P1 billion commercial paper (CP) offering was more than four times oversubscribed at a time of monetary easing and consecutive rate cuts by central banks both locally and international.
In a disclosure to the Philippine Stock Exchange, the firm said it will list today its P1 billion worth of CPs with the Philippine Dealing and Exchange Corp as part of TECH’s P6 billion CP Program.
Multinational Investment Bancorporation acted as sole arranger and lead underwriter of the issue.
TECH’s commercial paper offering has been assigned a credit rating of PRS A (corp.) with a Stable Outlook by the Philippine Ratings Services Corporation (PhilRatings).