AC Energy raising funds

    679

    AC Energy Inc. is securing funds for its renewable energy projects through a tender offer and a new notes offering.

    In a disclosure to the Philippine Stock Exchange, parent firm Ayala Corp. said the company has called on banks yesterday to arrange a series of fixed income investor calls and a Regulation S drawdown of US dollar denominated senior green fixed-for-life perpetual notes from its recently updated $2 billion (P96.4 billion) medium term note program.

    AC Energy Inc. also announced a tender offer of its $400 million (P19.2 billion) senior fixed-for-life green undated notes and a capped tender offer of its existing $360 million (P17.4 billion) senior unsecured green notes.

    Last week, AC Energy Philippines also approved a potential P20 billion investment from Arran Investment Pte Ltd., an affiliate of Singapore-based sovereign wealth fund, GIC Private Limited which intends to acquire a 17.5 percent ownership stake in the power firm.