Philippines' Meralco gets go-ahead for up to PHP 20 billion of bonds

By Marisa Wong

Madison, Wis., Dec. 3 - Manila Electric Co. (Meralco) said the Philippine Securities and Exchange Commission recently approved its proposed up to PHP 15 billion debt issue with an up to PHP 5 billion over-allotment option.

As previously noted the fixed-rate bonds will mature in 2020 and 2025 and be putable on the fifth year for the 2020 bonds and on the 10th year for the 2025 bonds.

Philippine Ratings Services Corp. has assigned a rating of Aaa to the upcoming bonds.

Meralco is based in Pasig City, Philippines.

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