Alsons Consolidated Resources Inc. (ACR) successfully secured Php 1.15 billion in the third tranche of its Php 3 billion commercial paper program, based on a report by the Manila Bulletin.
Following the approval of the Securities and Exchange Commission, the Alcantara-led firm sold 182-day and 364-day commercial papers at interest rates of 7.9054 percent and 8.6107 percent per year each.
As a key player in Mindanao and Visayas’ energy sector, the Alcantara Group, to which ACR belongs, continues its growth trajectory, particularly focusing on expanding renewable energy.
The company’s ongoing projects include the construction of the 14.5-megawatt Siguil Hydro power plant in Maasim, Sarangani Province, slated to commence operations by year-end.
ACR maintained its “stable outlook” rating from the Philippine Rating Services Corp., which is linked to the prior issuance of up to P3 billion in commercial papers, signifying the company’s robust financial commitment capacity relative to other Philippine corporates.
Key considerations for the PRS Aa rating involved the start of operations for the Wholesale Electricity Spot Market in Mindanao and the potential commencement of the Mindanao-Visayas Interconnection Project (MVIP) later this year.