ACEN readies P 30B fundraising

AC Energy Corp. (Acen), the energy platform of the Ayala group, is seeking the regulator’s green light to sell up to P30 billion debt securities, with proceeds mostly earmarked for renewable projects.

Acen told the local bourse it had filed with the Securities and Exchange Commission (SEC) a registration statement for the three-year shelf registration of these bonds, to be offered in one or more tranches.

It likewise sought approval for the P10-billion initial tranche, which would be peso-denominated Asean (Association of Southeast Asian Nations) “green” fixed-rate five-year bonds.“The bonds are intended to comply with Asean Green Bond Standards, which require proceeds to be used exclusively for the funding of eligible green projects,” said Acen.

Acen said the maiden peso bond issue, which would be listed on the Philippine Dealing & Exchange Corp., would diversify its funding sources, complementing its US dollar-denominated green bond issuances, bank lines and project financing.

Local debt watchdog Philippine Rating Services Corp. assigned an issue credit rating of PRS Aaa with a stable outlook to the green bond issuance.

Debt rated with PRS Aaa is seen to have the “highest quality with minimal credit risk.” INQ