Maynilad Water Services, Inc. (“Maynilad”) listed today its maiden bond issuance with an aggregate issue size of ₱ 15 Billion (the “Blue Bonds” or the “Offer”) on the Philippine Dealing & Exchange Corp. in support of its capital expenditure on sustainable water and wastewater management. The Blue Bonds were issued in two (2) series – (i) Series A: 6.7092% 5-Year fixed rate bonds due 2029 and (ii) Series B: 7.0931%10-Year fixed rate bonds due 2034.
The Offer was the first SEC-registered Blue Bond in the Philippines and the first public issuance of Maynilad. The issuance was more than two times oversubscribed (i.e., 2.47 times) from the base issue size, and allowed Maynilad to price the Blue Bonds at the tight end of the corresponding spread range for each series.
“I am pleased with the strong reception our maiden blue bond issuance has received from the investing community. The enthusiastic participation from institutional and retail investors attests to their confidence in Maynilad’s vision and in our commitment to sustainability. This successful start sets a promising precedent for our future fund-raising endeavors,” Ramoncito S. Fernandez, President and Chief Executive Officer, Maynilad.
The proceeds from the Offer shall be used primarily to finance Eligible Blue Projects and/or Blue Activities under SEC Memorandum Circular No. 15, Series of 2023 (“Guidelines on Eligible Blue Projects and Activities for the Issuance of Blue Bonds in the Philippines”).
BPI Capital Corporation (“BPI Capital”) as the Sole Issue Manager, and together with BDO Capital & Investment Corporation (“BDO Capital”), First Metro Investment Corporation (“First Metro”), and East West Banking Corporation (“East West”) are the joint lead underwriters and joint bookrunners of the Offer. A copy of the Final Prospectus for the Blue Bonds may be obtained from the joint lead underwriters and joint bookrunners or at https://www.mayniladwater.com.ph/prospectus/
Maynilad is the water and wastewater services provider for the West Zone. The West Zone is comprised of 17 cities and municipalities, i.e. Caloocan, Malabon, Navotas, Valenzuela, parts of Quezon City, parts of Manila, parts of Makati, Pasay, Parañaque, Las Piñas, and Muntinlupa — all in Metro Manila; and the cities of Cavite, Bacoor and Imus, and the municipalities of Kawit, Rosario and Noveleta — all in Cavite Province. The Maynilad business address is at the Engineering Building, MWSS Complex, Katipunan Ave., Balara, Quezon City, 1119, Philippines. The Company’s telephone number is (+632) 8 981 3333, and its corporate website is https://www.mayniladwater.com.ph.
