ALTERNERGY Holdings Corp. on Wednesday said that its Board of Directors had approved the issuance of P2 billion in green fixed-rate notes.
“This maiden issuance in the Philippine debt capital markets marks an important milestone for Alternergy, as this will help strengthen our financial flexibility and provide additional resources to advance our expanding portfolio of renewable energy projects, particularly those awarded under the 4th Round of the Green Energy Auction,” Alternergy President Gerry Magbanua said.
The maiden issuance was said to be aimed at supporting the firm’s capital structure, while securing funding for the development of its expanding portfolio of renewable energy assets.
Alternergy said the notes will be offered to qualified institutional buyers with a tenor of 1.5 years.
The notes will have an interest rate of 7.75 percent per annum to be paid quarterly, and the principal will be repaid in full upon maturity.
The company said BDO Capital and Investment Corp. was appointed as sole issue manager and arranger for said transaction.
On Wednesday, Alternergy’s share price fell by a centavo to close at P0.71 apiece.