Power firm ACEN Corp. is looking to raise P25 billion through a preferred shares sale.
The share sale is part of a P50-billion shelf-registered fund raising program of the company approved by the Securities and Exchange Commission (SEC) last week.
The SEC said the first tranche of the borrowing program is divided into an initial P12.5 billion of preferred shares, and another P12.5 billion covering the oversubscription option.
The proceeds of the sale will be used to refinance the company’s short-term loans for eligible green projects, such as the solar projects in Pangasinan, Zambales, and Cagayan, as well as wind project in Ilocos Norte.
ACEN plans to sell the shares to the public between August 11 and August 23, with listing at the Philippine Stock Exchange eyes on on September 1.
The preferred shares will be traded under the ticker ACENA for the Series A green preferred shares and ACENB for the Series B green preferred shares.
ACEN tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Corp. as joint lead underwriters and bookrunners for the offer.
