ACEN raises around $440.2m from 1st peso-dominated preferred shares offer

It can be used to fund the company’s projects and other RE projects in the Philippines.

ACEN has raised about $440.2m (PHP25b) from its maiden Peso-dominated preferred shares offer at the main board of the Philippines Stock Exchange (PSE) which will be used to fund new or existing eligible green projects.

In a statement, ACEN said the offered shares, listed as Series A (ACENA) and Series B (ACENB), were met with strong demand when it was issued from 11 to 23 August, allowing the company to push through with its oversubscription option of up to P12.5b, on top of the base offer of the same amount.

Aside from funding the eligible projects under the company’s Green Equity Framework. The amount can also fund over 1 gigawatt of renewable energy projects in the Philippines.

BDO Capital & Investment Corporation, BPI Capital Corporation, and China Bank Capital Corporation are the joint issue managers, along with PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation, who are the joint lead underwriters and bookrunners for the Offer.

“The additional capital further strengthens the company’s balance sheet and helps us accelerate our renewables expansion,” said ACEN President and CEO Eric Francia.

The Series A Preferred Shares have an initial dividend rate of 7.1330%, with a divided rate re-setting on the 5th listing date anniversary, whilst Series B has an 8% dividend rate annually with no divided rate re-setting, making it the first Peso-dominated fixed-for-ife equity instrument on the PSE.

$1 = PHP56.79