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Alsons to issue P3B in commercial papers

ALSONS Consolidated Resources, Inc. will issue P3 billion in short-term commercial papers, it said on Thursday.

In a regulatory filing, Alsons said its board of directors has approved the commercial paper program. The papers will be issued in one or more tranches, it said.

Alsons said it has enlisted the services of Multinational Investment Bancorporation as the issue manager and lead underwriter for the papers.

Meanwhile, it will tap the Philippine Depository & Trust Corp. as the registrar and paying agent.

Alsons last month entered into an omnibus notes facility and security agreement for the refinancing of its fixed rate corporate notes worth P6 billion. The said notes would have tranches of five or seven years.

In September, the company issued P1 billion worth of commercial papers, the proceeds of which will be used to fund its upcoming renewable power projects.

The debt papers under the second series of the company’s debt service program were listed and traded on the Philippine Dealings and Exchange. The program started in 2018.

Alsons is engaged in both power production and real estate. It has four power generators with a combined capacity of 468 MW.

The firm’s attributable net income slipped 9.3% to P28.62 million in the third quarter. Meanwhile, its net profit in the nine months ended September rose nearly seven times to P360.6 million.

Shares in Alsons decreased by 1.42% or two centavos to finish at P1.39 apiece on Thursday. — A.Y. Yang

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