Alsons Consolidated Resources Inc. of the Alcantara Group filed with the Securities and Exchange Commission an application for shelf registration of P2 billion worth of commercial papers.
Documents filed with the SEC showed ACR would initially issue P500 million worth of commercial papers, with the remaining P1.5 billion to be placed under shelf registration.
The CPs will have a tenor of 90, 180 and 360 days.
The company earlier tapped Multinational Investment Bancorporation as the sole underwriter and AB Capital and Investments Corp. Trust and Investment Division as facility agent for the issuance.
ACR said the proceeds from the fund raising activity would be used to fund the company’s working capital requirements and other general corporate purposes, including operation of power projects in Mindanao.
Philippine Rating Services Corp. assigned ACR with an issuer credit rating of PRS Aa- for the initial P500 million. PRS Aa- is the second highest rating category on PhilRatings’ existing credit rating scale.
Among the factors cited by PhilRatings as basis for the rating were the company’s “robust revenue generating capability” and the company’s “ability to establish joint ventures with strong partners for particular projects.”
ACR is Mindanao’s first independent power producer.
It currently operates four power facilities generating a combined capacity of 363 megawatts serving over 8 million people in 13 cities and 8 provinces including key urban centers such as Davao City, Cagayan de Oro, General Santos, Iligan and Zamboanga City.