MAYNILAD Water Services Inc. (Maynilad) said Friday that it had received a permit to sell from the Securities and Exchange Commission for a peso-denominated blue bond offering of up to P15 billion.

The company is looking to sell fixed-rate blue bonds — called so as the proceeds will be used to fund marine- and ocean-based projects — with an aggregate base principal of up to P12 billion and an oversubscription option of up to P3 billion.

The bonds will be issued in two series: five-year Series A blue bonds due 2029 with a fixed interest rate of 6.7092 percent per year and 10-year Series B blue bonds due 2034 with a fixed interest rate of 7.0931 percent per year.

The offer period will run from July 1 to 5, 2024. The bonds will then be issued and listed on the Philippine Dealing and Exchange Corp. on July 12, 2024.

Proceeds will be used for projects such as sustainable fisheries management, sustainable aquaculture, wastewater management, and marine and offshore renewable energy that do not harm marine ecosystems, among others.

BPI Capital Corp. is the sole issue manager and will also serve as joint lead underwriter and joint bookrunner together with BDO Capital & Investment Corp., First Metro Investment Corp. and East West Banking Corp.

Maynilad's blue bonds were rated PRS Aaa with a stable outlook by the Philippine Rating Services Corp. last March.

The company is the water and wastewater services provider for the West Zone of Metro Manila, serving 17 cities and municipalities, as well as the cities of Cavite, Bacoor and Imus, and the municipalities of Kawit, Rosario and Noveleta, all in Cavite province.

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