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Sunday, April 21, 2024

Alsons targeting to raise P2 billion via sale of commercial papers

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Alsons Consolidated Resources Inc. said it will sell commercial paper worth some P2 billion to settle its short-term obligations that will mature from this month to April and to partially fund its hydro project.

In its registration statement filed with the Securities and Exchange Commission, the company said its float of short-term debt is the first tranche of its P3-billion shelf registration program.

The debt comprises series O with a tenor of 182 days from issuance date and series P with a maturity of 364 days.

The six-month paper will be sold at a minimum of P5 million and increments of P100,000, while the 1-year debt will be offered at a minimum of P500,000 and increments of P100,000.

Rates for the said papers will be based on benchmark rates plus a spread.

The company engaged Multinational Investment Bancorporation as sole issue manager, lead arranger and underwriter for the transaction.

Some P1.24 billion of the proceeds will be used to pay its various obligations, which will mature from February to April.

The rest, meanwhile, will fund the project of its unit Sindangan ZamboRiver Power Corp.

The company was incorporated on December 24, 1974 as Victoria Gold Mining Corp. to engage in the business of exploration of oil, petroleum and other mineral products. The corporate name was changed to Terra Grande Resources Inc. in March 1995 and to Alsons Consolidated Resources, Inc. in June 1995 to mark the entry of the Alcantara Group.

Its core businesses are mainly on energy and power, and property development. Its investment in the power business is through 4 holding firms–Conal Holdings Corp., Alsing Power Holdings Inc., Alsons Renewable Energy Corp. and Alsons Thermal Energy Corp. Its other units are Alsons Land Corp. and Kamanga Agro-Industrial Economic Development Corp.

Read full article on BusinessMirror

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