Cirtek Lists Reissued Commercial Paper

Cirtek Holdings Philippines Corp. (PSE: TECH) recently reissued P545,200,000.00 worth of Commercial Paper (CP) maturing February 18, 2021, which has been listed on the Philippine Dealing and Exchange Corp. (PDEX) on 01 September 2020.

The CPs were reissued under the company’s P2,000,000,000 Commercial Paper Program that has been approved by the Securities and Exchange Commission through the Order of Registration and Permit to Offer Securities for Sale it issued dated 12 February 2020. Multinational Investment Bancorporation acted as the sole arranger and lead underwriter for the transaction.

TECH’s Commercial Paper issuance had earlier received a credit rating of PRS A (corp.) with a Stable Outlook from the Philippine Ratings Services Corp. (PhilRatings). A company rated PRS A (corp.) has an above average capacity to meet its financial commitments relative to that of other Philippine corporates while a Stable Outlook indicates that the rating is likely to be maintained or to remain unchanged in the next 12 months.

The company intends to use the proceeds from the offer to partially retire its short-term obligations maturing in 2020 and to finance working capital requirements of its subsidiary, namely Quintel USA as it takes part in the creation of a truly 5G enabled world.