Maynilad Water Services, Inc. (“Maynilad”) has received a pre-effective letter from the Securities and Exchange Commission (“SEC”), of its registration statement for its proposed offer to the public of up to ₱12 Billion fixed-rate Blue Bonds with an oversubscription option of up to ₱3 Billion (the “Offer”) to be issued at par in up to two (2) series with tenors of 5 years and/or 10 years (the “Blue Bonds”).
The proceeds from the Offer shall be used primarily to finance Eligible Blue Activities per SEC Memorandum Circular No. 15, Series of 2023 (“Guidelines on Eligible Blue Activities and Activities for the Issuance of Blue Bonds in the Philippines”).
The offer period will indicatively run from 27 to 31 May 2024. This is the first public offering of a Blue Bond in the Philippines. Maynilad’s Blue Bonds have been rated PRS Aaa with a Stable Outlook by the Philippine Rating Services Corporation (“PhilRatings”) on 15 March 2024. Maynilad intends to issue and list the Blue Bonds on PDEx on 7 June 2024. The Offer is subject to satisfaction by Maynilad of all applicable regulatory requirements and the issuance by the SEC of the Permit to Offer the Blue Bonds for Sale.
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. Copies of the Preliminary 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.
DISCLAIMER: A REGISTRATION STATEMENT RELATING TO THE BLUE BONDS WAS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) BUT HAS NOT BEEN RENDERED EFFECTIVE. THE BLUE BONDS MAY NOT BE SOLD NOR MAY AN OFFER TO BUY THE BLUE BONDS BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS COMMUNICATION DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY.
THE PRELIMINARY PROSPECTUS AND THE INFORMATION CONTAINED THEREIN ARE SUBJECT TO COMPLETION OR AMENDMENT WITHOUT NOTICE. INVESTORS SHOULD MAKE ANY DECISION REGARDING THE BLUE BONDS BASED ON THE FINAL PROSPECTUS TO BE ISSUED AFTER THE SEC HAS RENDERED THE REGISTRATION STATEMENT EFFECTIVE AND HAS ISSUED THE PERMIT TO OFFER THE BLUE BONDS FOR SALE. NO OFFER, SOLICITATION OR SALE OF THE BLUE BONDS SHALL BE MADE IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF SUCH JURISDICTION.
THE SEC HAS NOT APPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE AND SHOULD BE REPORTED IMMEDIATELY TO THE SEC.
