By Marisa Wong
Los Angeles, July 24 – Philippines’ Manila Water Co., Inc. priced $500 million of 4 3/8% 10-year non-call five-year senior fixed-rate sustainability notes at 99.002, according to a notice.
The notes were priced 25 basis points tighter than initial price guidance, the company noted.
BPI Capital Corp., Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Ltd., Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch, Mizuho Securities (Singapore) Pte. Ltd. and UBS AG Singapore Branch are joint lead managers and joint bookrunners for the Regulation S transaction.
The deal attracted active subscription from 85 quality institutional investors with orders of nearly $1.96 billion at its peak, according to a company press release.
In terms of distribution, the order book was allocated predominantly to Asia with 79% and the remaining to Europe, Middle East and Africa with 21%.
Manila Water said its debut bond issuance in the international capital markets is also the single largest green, social or sustainability bond issued by a listed private water utility in Asia and the first Association of Southeast Asian Nations sustainability bond by a corporate issuer out of the Philippines.
Proceeds are earmarked for refinancing debt and financing programmed capital expenditures for 2020 through 2021. Projects to be refinanced and financed relate to sustainable water and wastewater management, terrestrial and aquatic biodiversity conservation and affordable basic infrastructure categories.
Manila Water is a Quezon City, Philippines, water and wastewater operator.
| Issuer: | Manila Water Co., Inc.
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| Issue: | Senior fixed-rate sustainability notes
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| Amount: | $500 million
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| Maturity: | 10 years
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| Bookrunners: | BPI Capital Corp., Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Ltd., Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch, Mizuho Securities (Singapore) Pte. Ltd. and UBS AG Singapore Branch
|
| Coupon: | 4 3/8%
|
| Price: | 99.002
|
| Call option: | Non-callable for five years
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| Announcement date: | July 22
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| Distribution: | Regulation S
|
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