The Securities and Exchange Commission (SEC) has approved the application of ATRAM Unitized Corporate Debt Vehicle Inc. (ATRAM Unitized CDV) as a special purpose vehicle that will take up the soured loans of companies at the height of the coronavirus disease 2019 (COVID-19) pandemic.
ATRAM Unitized CDV, through its ATRAM Unitized Corporate Debt Fund 1 (ACDF-1), is looking to issue one billion units of participation at an offer price of P1 per unit. ATRAM Unitized CDV registered a total of 50 billion units of participation.
ACDF-1 will be primarily offered to qualified buyers under private placements within six months from the commencement date, with a term of two years from the issue date and for a minimum initial investment of P1 million.
ATR Asset Management Inc. shall serve as the company’s fund manager, principal distributor, transfer agentand service provider.
Incorporated in 2021, ATRAM Unitized CDV was the first investment company to apply as a CDV under the CDV rules issued by the SEC in 2020. The new investment vehicle is intended to support the liquidity needs of large and medium-sized corporations in the aftermath of the COVID-19 pandemic.
ATRAM Unitized CDV was incorporated under the SEC’s corporate debt vehicle initiative, which is similar to the special purpose vehicle introduced by the government in the aftermath of the 1998 Asian financial crisis.
