Semiconductor manufacturer Cirtek Holdings Philippines Corp. said Wednesday it successfully raised P1 billion from the issuance of commercial papers.
Cirtek said in a disclosure to the stock exchange the CPs were listed with the Philippine Dealing & Exchange Corp.
The P1 billion worth of CPs forms part of the P6-billion CPs shelf-registration program approved by the Securities and Exchange Commission.
Net proceeds from the fund-raising activity will be used to partially retire the company’s short-term obligations maturing in 2021 and refinance working capital of subsidiaries Quintel USA, Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions, Inc. as it takes part in the creation of a truly 5G enabled world.
Multinational Investment Bancorporation acted as sole arranger and lead underwriter. The success of the offering was demonstrated in the over four-times oversubscription at a time of monetary easing and consecutive rate cuts.