ALCANTARA-led Alsons Consolidated Resources, Inc. (ACR) has listed P600 million commercial papers on the Philippine Dealing and Exchange Corporation (PDEx).
The amount represents ACR’s second tranche of the ₱3-billion CP Program. The first tranche worth ₱1.4 billion was issued last July.
Multinational Investment Bancorporation was tapped as the manager, arranger, and underwriter for the issuance.
Proceeds from the issuance will be used primarily for general working capital purposes.
ACR is currently constructing a ₱4.5 billion 14.5-megawatt hydroelectric power plant at the Siguil River basin in Sarangani Province. The Siguil Hydro Power plant will be the first of eight hydropower facilities that ACR plans to develop.
ACR’s portfolio includes four power plants in Mindanao with a total capacity of 468MW.
Earlier this year, ACR received a PRS A plus (corp.) issuer credit rating from the Philippine Rating Services Corporation (PhilRatings). The rating means ACR “has an above average capacity to meet its financial commitments relative to other Philippine corporates.”