Manila water borrows P10B

MANILA, Philippines—The Ayala-led Manila Water Co. Inc. has raised P10 billion in fixed-rate corporate notes to help fund its capital expenditure program this year.

In a disclosure to the Philippine Stock Exchange, Manila Water said the offering was fully subscribed by a consortium of local lenders composed of Metropolitan Bank and Trust Co., Philippine Savings Bank and First Metro Investment Corp.

“The amount, which is the largest that the company has borrowed to date, is a strong affirmation of Manila Water’s financial and operational capability from the financial community,” Manila Water said.

Arranged solely by First Metro Investment Corp., the notes were to be issued on Friday (April 8) in two tranches. The first trance will consist of 10-year notes with a call option in the seventh year while the second tranche will be straight five-year notes.