Meralco to redeem remaining P2.87-B bonds in December – BusinessWorld Online
MANILA ELECTRIC CO. (Meralco) will retire the remaining P2.87 billion of its P7-billion 12-year bonds next month, it said in a stock exchange filing on Thursday.
The notes, part of Meralco’s P18.5-billion fixed-rate issuance in 2013, will mature on Dec. 12. The 12-year tranche carries a 4.875% annual coupon. Bondholders redeemed P4.13 billion early in 2023, reducing the outstanding balance.
Meralco said the remaining bonds would be paid at par plus accrued interest through the Philippine Depository & Trust Corp., which will credit proceeds to investors’ settlement accounts.
Meralco, the country’s biggest power distributor, serves about 8 million customers across Metro Manila and nearby provinces.
Meralco’s controlling shareholder is Beacon Electric Asset Holdings, Inc., partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund’s MediaQuest Holdings, Inc., has an interest in BusinessWorld via the Philippine Star Group. — Sheldeen Joy Talavera