ACR readies issuance of P1 billion CPs

MANILA, Philippines — Alcantara-led Alsons Consolidated Resources Inc.(ACR) will issue its P1-billion commercial papers (CPs) on Sept. 14.

In a disclosure to the Philippine Dealing Exchange Corp., ACR said the CPs would be issued with a discount rate of 3.25 percent for the 91-day Series L; four percent for the 182-day Series M; and 4.75 percent for the 365-day Series M.

This is the second tranche of ACR’s CP program of up to P2.5 billion registered with the SEC in 2018.

“The issuance will provide ACR with interim funding for the company’s ongoing projects,” it said.

Last February, ACR reissued P694 million worth of CPs from the P1.5-billion first tranche of the CP program.

ACR has a portfolio of four power facilities with an aggregate capacity of 468 megawatts (MW) serving over eight million people in 14 cities and 11 provinces including key urban centers such as Cagayan de Oro, General Santos, Iligan and Zamboanga City.