Cirtek raises P545M from commercial paper issuance

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    Cirtek Holdings Philippines Corp. said it has raised another P545.2 million out of commercial paper issuance, due Feb. 18, 2021.

    The company said it has listed the negotiable instrument with the Philippine Dealing and Exchange Corp. (PDEx).

    The commercial papers were issue out of the company’s P2 billion commercial paper program approved by the Securities and Exchange Commission last Feb. 12, 2020.

    “Multinational Investment Bancorporation acted as the sole arranger and lead underwriter for the transaction,” Cirtek said.

    Cirtek said the 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,” Cirtek said.

    The company said the proceeds of the offer will partially retire its short-term obligations maturing in 2020 and will finance working capital requirements of its subsidiary, Quintel USA Inc, for its 5G push.

    Also in July, Cirtek said it raised P494 million in commercial paper also from the February 2020-approved commercial paper program.