Maynilad Water Services, Inc. (“Maynilad”) has received the permit to sell (“PTS”) from the Securities and Exchange Commission (“SEC”) for the first-ever offering of Peso-Denominated SEC-Registered Blue Bonds in the Philippines. Maynilad’s Blue Bonds have been granted a PRS Aaa with a Stable Outlook by the Philippine Rating Services Corporation (“PhilRatings”) on 15 March 2024, which is the highest possible credit rating on the PhilRatings scale and is given to debt obligations with the smallest degree of investment risk.
The PTS covers the proposed public offer and sale of fixed-rate Blue Bonds with an aggregate base principal of up to ₱ 12 Billion and an oversubscription option of up to ₱ 3 Billion to be issued at par in two (2) series: 6.7092% 5-Year fixed rate bonds due 2029 (“Series A Blue Bonds”) and 7.0931%10-Year fixed rate bonds due 2034 (“Series B Blue Bonds”) (collectively the “Offer” or the “Blue Bonds”).
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”). The offer period will run from 01 to 05 July 2024. Maynilad intends to issue and list the Blue Bonds on PDEx on 12 July 2024.
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.
