SEC clears ACR’s P600-M commercial papers

THE Securities and Exchange Commission (SEC) has approved Alcantara-led Alsons Consolidated Resources, Inc.’s (ACR) plan to offer P600 million in commercial papers.

In a regulatory filing on Thursday, ACR said it received from the corporate regulator the certificate of permit to offer securities for sale.

The issuance forms part of the second tranche of the company’s P3-billion commercial paper program.

The P600-million debt papers will be composed of 364-day “Series Q” securities with a discount rate of 3.75% per year.

“These securities may now be offered for sale or sold to the public,” the SEC said in its certificate of permit dated Nov. 2.

It added that the issuance of the second tranche must comply with the Securities Regulation Code and the Revised Code of Corporate Governance, among others.

The SEC earlier this year cleared ACR’s P3-billion commercial paper program, which the firm said it plans to issue in one or more tranches within three years.

The first tranche, which has a base principal amount of P2 billion, was composed of 182-day “Series O” securities with a discount of 3.25% per annum.

ACR is under the Alsons Power umbrella brand.

Shares of ACR improved by 0.87% or one centavo to close at P1.16 apiece on Thursday. — Angelica Y. Yang