Maynilad News

Maynilad signs P7B loan agreement

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West Zone concessionaire Maynilad Water Services, Inc. (Maynilad) recently signed a P7 billion Omnibus Notes Facility and Security Agreement to partly fund its capital expenditure programs for 2011 and 2012. Aside from improving operational and network efficiency, the capital expenditure programs will also allow Maynilad to meet the company’s service obligations and achieve sustainable growth.

BDO Capital & Investment Corp. and the Development Bank of the Philippines (DBP) acted as mandated joint lead arrangers of the 10-year Corporate Notes Facility, which will be funded by DBP, Land Bank of the Philippines, China Banking Corporation, Security Bank Corporation, Bank of the Philippine Islands, BDO Leasing and Finance, Inc., and BPI Asset Management and Trust Group.  BDO Trust and Investments Group acted as facility agent for the transaction.  An initial drawdown of P3.5 billion was undertaken last March 30.

According to Chief Finance Officer Randolph Estrellado, the loan has an average life of 9.22 years and will carry a fixed interest rate.

For 2011, Maynilad has allotted more than P8.5 billion for its capital expenditure programs.  P3.7 billion would be used to expand its service coverage and improve service levels in its concession area while P2.6 billion has been earmarked to bring down water loss.

Another P1.6 billion would go to Maynilad’s wastewater program.  The rest of the 2011 capital expenditures budget will be used for water sources, water production, natural calamity mitigation and other projects.

Maynilad is owned and managed by DMCI-MPIC Water Company, Inc., a joint venture between Metro Pacific Investments Corporation and DMCI Holdings, Inc.

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