Manila Water Co. Inc. plans to issue US dollar denominated senior unsecured notes that can qualify both as International Capital Market Association sustainability bonds and Asean sustainability bonds.
Manila Water said proceeds will be used to refinance debt and finance programmed capital expenditure for 2020 and 2021 for projects related to sustainable water and wastewater management; terrestrial and aquatic biodiversity conservation; and affordable basic infrastructure.
Manila Water said it tapped BPI Capital Corp., Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Ltd., The Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch, Mizuho Securities (Singapore) Pte. Ltd. and UBS AG Singapore Branch as joint lead managers and joint bookrunners for the transaction.
Last May, the company through its subsidiary, Manila Water Philippine Ventures Inc. has secured another P3 billion term loan facility from Security Bank and Metrobank, on top of the P4 billion term loan agreement that was also provided by the co-lenders in October 2016.
