Meralco plans to issue 7- and 12-year corporate bonds worth up to PhP 20 billion

Meralco is planning to issue 7- and 12-year corporate bonds worth up to PhP 20 billion. The company has filed its registration statement with the Securities and Exchange Commission for the issuance of bonds worth PhP 15 billion with an overallotment option of up to PhP 5 billion. BPI Capital Corporation and First Metro Investment Corporation will act as joint issue managers for the transaction to cover excess demand. The proceeds from the issue will be used primarily to refinance Meralco’s existing debt.