Philippine-based firm AC Energy Inc has launched a USD-60-million (EUR 53.4m) tap issue on its five-year senior green bond due in 2024 via private placement, it said.
The energy platform of Philippine group Ayala Corp (PSE:AC) originally issued the green bond in January 2019 with notes bearing a coupon of 4.75% per annum.
The tap issue will be sold at the current market value, with AC Energy noting it was able to secure competitive borrowing rates amid challenging market conditions. The Hong Kong-based subsidiary of HSBC Holdings Plc (LON:HSBA) was appointed dealer for the bonds.
The offering will be issued by wholly-owned unit AC Energy Finance International Limited and guaranteed by the parent company.
The latest operation brings the aggregate principal of the five-year series to USD 360 million. Together with the USD-110-million ten-year bonds due in 2029, the total of AC Energy’s senior green bonds arrives at USD 470 million.
Source: Renewables Now