Philippines' Manila Water sets coupon for PHP 3 billion bonds at 8.25%, begins offering period

By Angela McDaniels

Tacoma, Wash., Oct. 13 - Manila Water Co. said its PHP 3 billion of unsubordinated unsecured bonds due October 2013 will carry a coupon of 8.25%.

The offering period for the bonds began on Monday and will run through Friday, according to a company notice filed with the Philippine Stock Exchange.

BPI Capital Corp. and ING are the joint lead managers and underwriters, and BDO Capital & Investment Corp. is a participating underwriter. They were given a PHP 1 billion over-allotment option.

Interest will be payable quarterly, and the bonds will become redeemable in October 2011.

Plans for the offering were announced on Aug. 21, at which time the coupon had not been set.

Manila Water is based in Quezon, the Philippines, and provides water delivery, sewerage and sanitation services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.