By Susanna Moon
Chicago, Oct. 20 - Manila Water Co. said it sold PHP 4 billion of 8¼% fixed-rate bonds due 2013, according to a notice filed with the Philippines Stock Exchange.
The oversubscribed offering includes the exercise of a PHP 1 billion over-allotment option, which closed on Oct. 17.
BPI Capital Corp. and ING Bank NV are the joint lead managers and bookrunners.
"As the global financial market undergoes a period of volatility, we are seeing investors' flight to quality," Teodoro Limcaoco, president of BPI, said in a press release.
"The local market is still very liquid," Consuelo Garcia, country manager of ING, added in the release.
Manila Water is based in Quezon, the Philippines, and provides water delivery, sewerage and sanitation services.
| Issuer: | Manila Water Co.
|
| Issue: | Fixed-rate bonds
|
| Amount: | PHP 4 billion, including PHP 1 billion greenshoe exercise
|
| Maturity: | 2013
|
| Bookrunners: | BPI Capital Corp.; ING Bank NV
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Pricing date: | Oct. 13
|
| Settlement date: | Oct. 17
|
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