Manila Water Company, Inc. Issues Sustainability Notes At an Aggregate Principal Amount of USD 500 Million with A Fixed Coupon of 4.375%
July 23, 2020 at 09:28 pm EDT
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Manila Water Company, Inc. successfully priced a US dollar-denominated Reg-S 10 non-call 5-year Sustainability Notes at an aggregate principal amount of USD 500 million with a fixed coupon of 4.375% and issued at 99.002, payable semi-annually. This represents Manila Water's debut bond issuance in the international capital markets. The offering is the single largest green, social or sustainability bond issued by a listed private water utility in Asia and the first ASEAN Sustainability Bond by a corporate issuer out of the Philippines. With orders of nearly USD 1.96 billion at its peak, the Notes successfully attracted active subscription from 85 quality institutional investors. The Notes were priced at 4.50% which was 25 basis points tighter than initial price guidance.
Manila Water Company, Inc. provides water, integrated used water, sewerage and sanitation, distribution services, pipework, engineering, procurement and management services. Its segments include Manila Concession and Head Office, Domestic Subsidiaries and Foreign Subsidiaries. The Manila Concession and Head Office represents the operations of the Manila Concession (East Zone) of the Parent Company in accordance with its Concession Agreement. The Domestic Subsidiaries include Philippine businesses, such as MWIS, Calasiao Water, MWPVI (including Boracay Water, Calbayog Water, Clark Water, Filipinas Water, Bulakan Water, Ilagan Water, South Luzon Water, Obando Water, Laguna Water, North Luzon Water, Davao Water, Tagum Water, MW Consortium, Cebu Water, Aqua Centro, BMDC, EcoWater, Leyte Water, MWTV, and Zamboanga Water). The Foreign Subsidiaries consist of businesses outside the Philippines under Manila Water Asia Pacific Pte. Ltd. (KDWH, MWSAH, TDWH, MWTH, MWTC, MSEA, and PTMWI).
MANILA WATER COMPANY, INC. 
