Cirtek Holdings Philippines Corp. listed its commercial papers worth P598.4 million with the Philippine Dealing and Exchange Corp., proceeds of which are earmarked for working capital.
The transaction was the second tranche from its P6-billion shelf registration.
The funds raised will go to the refinancing of working capital of subsidiaries, including Quintel USA, Cirtek Electronics Corp. (CEC) and Cirtek Advanced Technologies and Solutions Inc. (CATSI).
It will also partially fund the capital expenditures of subsidiaries and payment of financial obligations.
Quintel is involved in development of antenna products and solutions for mobile network operators.
CATSI manufacturers integrated microwave and millimeter wave technology products catering to military, telecommunications, satellite communications, automotive radar, semiconductor test boards and industrial segment.
CEC provides fully integrated assembly, packaging and test and turnkey solutions of semiconductor devices.
For this transaction, Cirtek tapped Philippine Commercial Capital Inc. as the sole bookrunner, issue manager and underwriter; Philippine Commercial Capital Inc.-Trust and Investment Group, trustee and facility agent; and Multinational Investment Bancorp., financial advisor of the company.
The commercial paper offering was assigned a credit rating of PRS A with stable outlook by the Philippine Ratings Services Corp.
—Tyrone Jasper C. Piad INQ
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