Thursday, April 7, 2011

Manila Water moves to raise P10B for projects

ANOTHER COMPANY -- this time Manila Water Co., Inc. -- has announced moves for a billion-peso borrowing while interest rates remain favorable.

The water concessionaire for the so-called east zone yesterday said it will issue P10 billion in notes to fund its investment plans.

Manila Water signed an agreement with First Metro Investment Corp. for the notes which will be issued in two tranches, a disclosure filed with the local bourse showed.

The first tranche will cover 10-year notes with a call option on the seventh year. The second tranche is for five-year notes.

Issue date for the notes is on April 8.


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