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Friday, March 29, 2024

Cirtek debt offering yields ₧1B

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Laguna-based Cirtek Holdings Philippines Corp. said it raised some P1 billion from its commercial paper offering, which was four times oversubscribed.

Cirtek said its issuance was oversubscribed since it did the offering at a time of monetary easing and consecutive rate cuts by local and international central banks.

The said paper was listed for trading at the Philippine Dealing and Exchange Corp.

Multinational Investment Bancorporation acted as sole arranger and lead underwriter.

The said fundraising is part of the company’s P6-billion debt program.

Its commercial paper offering has been assigned a credit rating of PRS A (corp.) with a stable outlook by the Philippine Ratings Services Corp. The said rating 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.

“The Cirtek Group has built a strong brand within the industries and customers it serves for developing and delivering innovative high-quality products, production flexibility, supply chain stability, competitive costing and capability to work with customers on development of next generation products,” the company said.

The company intends to use the proceeds from the offer to partially retire its short-term obligations maturing in 2021 and refinance working capital of its subsidiaries Quintel USA, Cirtek Electronics Corp. (CEC) and Cirtek Advanced Technologies and Solutions Inc. (CATSI) as it takes part in the creation of the 5G roll out of telecom firms all over the world.

Quintel designs, develops and delivers advanced high efficiency, high-performance antenna products and solutions that help mobile network operators increase efficiency, enhance quality-of-service, slash costs and accelerate returns.

CATSI manufactures value added, highly integrated microwave and millimeter wave technology products catering to the military, telecommunications, satellite communications, enterprise networks, automotive radar, semiconductor test boards and industrial segment, while CEC provides fully integrated assembly, packaging and test and turnkey solutions of semiconductor devices.

Read full article on BusinessMirror

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