Maynilad to issue P7-billion notes to fund capex

Maynilad Water Services Inc. is raising P7 billion through notes issuance to fund its capital expenditures. In a text message to reporters Friday, Maynilad chief finance officer Randy Estrellado said the P7 billion worth of notes will mature in 10 years with a 3-year grace period. BDO Capital and Investment Corp. is the lead arranger for the issuance of notes. Maynilad is owned and managed by DMCI-MPIC Water Co. Inc., a joint venture between Metro Pacific Investments Corp. and DMCI Holdings Inc. Earlier, the water utility firm said it earmarked P8.5 billion in capital expenditure for this year to improve water services in its concession area. Maynilad serves over 7 million customers in Metro Manila and parts of Cavite province. Its concession area includes some parts of Manila, Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. Maynilad also serves the municipalities of Bacoor, Imus, Kawit, Noveleta and Rosario in Cavite province. — JE, GMA News