SEC approves ACEN’s Asean `green’ bonds

The Securities and Exchange Commission (SEC) has approved the shelf registration of ACEN Corp.’s Asean green bonds worth P30 billion.

The Commission en banc, in a Sept. 6 meeting, resolved to render effective ACEN’s registration statement covering the planned green bond offering, subject to the company’s compliance with the remaining requirements.

ACEN may offer the bonds in tranches within three years, with the initial tranche of up to P10 billion worth of bonds due 2027.

ASEAN Green Bonds refer to bonds and sukuk which comply with the Asean Green Bonds Standards, where the proceeds will be exclusively applied to finance or refinance, in part or in full, new and/or existing eligible green projects.

Eligible green projects include those involving renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation, and green buildings.

Proceeds from the initial offering are expected to reach  P9.87 billion, which the Ayala-led energy company will use to finance or refinance new or existing eligible green projects, in line with its Green Bond Framework.

ACEN tapped BDO Capital and Investment Corp. and BPI Capital Corp. joint issue managers, who will also work alongside RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters and bookrunners.