Cirtek Holdings Philippines Corp., said it has raised P2 billion from the issuance of commercial papers, listed with the Philippine Dealing and Exchange Corp. Thursday.
This is Cirtek’s first fixed income instrument listing with the PDEx.
The success of the offering is demonstrated in its oversubscription at a time of monetary easing and consecutive rate cuts by central banks both locally and international.
The commercial paper offering has been assigned a credit rating of PRS A (corp.) with a stable outlook by the Philippine Ratings Services Corp.
The company said it will use the proceeds to partially retire its short-term obligations maturing in 2020 and refinance working capital of its subsidiaries, namely Quintel USA, Cirtek Electronics Corp., and Cirtek Advanced Technologies and Solutions Inc.
