SEC greenlights ACEN shelf offering

MANILA, Philippines — The Securities and Exchange gave the go-ahead to ACEN Corp.’s shelf registration covering up to P50 billion preferred shares.

In a statement on Friday, the regulator said they rendered effective ACEN’s registration statement, which covered Series A and B green preferred shares. These shares may be issued in one or more tranches within a period of three years.

Ayala Corp's listed energy platform will put up to P12.5 billion preferred shares in the first tranche, which includes an oversubscription option of up to P12.5 billion. 

Proceeds are projected to hit P24.83 billion, as ACEN said the haul will be used to refinance short-term loans for green projects, solar projects in Pangasinan, Zambales and Cagayan, and a wind project in Ilocos Norte.

The preferred share offer will be opened to the public from August 11-23. It will be listed on the local bourse on September 1. 

For this offer, ACEN tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Corp. as joint lead underwriters and bookrunners for the offer. 

Shares in ACEN currently trade 3.42% down at P5.36 apiece as of 11:03 a.m. Friday.