Maynilad receives SEC approval for blue bond issuance

MAYNILAD Water Companies, Inc. mentioned the Securities and Alternate Fee (SEC) has accepted its proposed blue bond issuance.

The SEC confirmed Maynilad’s proposal to subject Collection A Blue Bonds due 2029 and Collection B Blue Bonds due 2034, the corporate mentioned in a press release on Thursday.

This complies with the ASEAN Inexperienced Bond Requirements, in addition to SEC Memorandum Round No. 12 from 2018 and SEC Memorandum Round No. 15 from 2023.

“That is the primary Blue Bond public providing within the Philippines,” the corporate mentioned.

Maynilad is proposing to supply as much as P12 billion of mounted price with an oversubscription possibility of as much as P3 billion, topic to the corporate’s compliance with sure remaining necessities.

The corporate is focusing on to supply the blue bonds from Might 27 to Might 31 and subject and record on the Philippine Dealing & Alternate Corp. on June 7.

Web proceeds from the provide are meant to finance sustainable water and wastewater administration initiatives, in line with the corporate.

The SEC mentioned blue bonds consult with “a subset of inexperienced bonds and sukuk whose proceeds will completely be used to finance or refinance new and/or current eligible blue initiatives and actions.”

Eligible blue initiatives are categorized into a number of classes, together with sustainable fisheries administration, sustainable aquaculture, wastewater administration, and marine and offshore renewable vitality that don’t hurt marine ecosystems, amongst others.

Maynilad’s blue bonds have been rated “PRS Aaa” with a secure outlook by the Philippine Score Companies Corp.

The corporate has tapped BPI Capital Corp. as the only subject supervisor for the provide. BPI Capital may also act as joint lead underwriter and joint bookrunner, along with BDO Capital & Funding Corp., First Metro Funding Corp., and East West Banking Corp.

Maynilad serves the cities of Manila, besides San Andres and Sta. Ana. It additionally operates in Quezon Metropolis, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It additionally provides the cities of Cavite, Bacoor, and Imus, and the cities of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one among three Philippine items of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

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