Cirtek raises P494M

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Cirtek Holdings Philippines Corp. said it raised P494 million through the reissuance of commercial papers maturing Feb. 18, 2021.

The commercial papers were reissued under the company’s P2- billion commercial paper program approved by the Securities and Exchange Commission in February this year.

Multinational Investment Bancorporation acted as the sole arranger and lead underwriter for the transaction, the proceeds of which will be used to partially retire its short-term obligations maturing in this year and to finance working capital requirements of its subsidiary, namely Quintel USA Inc.

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Cirtek’s commercial paper issuance had earlier received a credit rating of PRS A (corp.) with a Stable Outlook from the Philippine Ratings Services Corporation (PhilRatings).

“A company rated PRS A (corp.) has an above average capacity to meet its financial commitments relative to that of other Philippine corporates while a Stable Outlook indicates that the rating is likely to be maintained or to remain unchanged in the next 12 months,” it said.

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