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.
ABOITIZ Power Corp. is seeking the Securities and Exchange Commission’s (SEC) approval for the sale of retail bonds worth up to P30 billion.
In a disclosure, AboitizPower said it filed Monday a registration statement for its proposed fixed-rate retail bonds amounting to P30 billion under the shelf registration program of the SEC.
The first tranche of bonds, worth up to P4 billion and with an oversubscription option of up to P4 billion, is expected to be issued in the first quarter of 2021.
“AboitizPower expects to issue subsequent tranches of the Bonds under this shelf registration statement, as the need arises and as market conditions permit,” it added.