Citicore Energy REIT Corp Lists Oversubscribed Maiden ASEAN Green Bond Offering In PDEx

Citicore Energy REIT Corp. (CREIT) rang the bell on the floor of the Philippine Dealing and Exchange Corp. (PDEx) in Makati City, during the listing ceremony of its maiden Php 4.5 Billion ASEAN Green Bond offering.

The offer was oversubscribed, with the Php1.5-billion oversubscription option fully taken up during the offer period, which ran from January 30 to February 3, 2023. The ASEAN Green Bonds will bear a coupon rate of 7.0543% and mature on February 10, 2028.

SB Capital Investment Corporation and PNB Capital and Investment Corporation were the transaction’s joint local underwriters, issue managers, book runners, and selling agents, with Security Bank Corporation – Trust and Asset Management Group acting as the Trustee.

Earlier, the Issuer and the Issue received a rating of PRS Aa+ with Stable Outlook from the Philippine Rating Services Corporation (PhilRatings), signifying its strong capacity to meet its financial obligation.

The proceeds of the offering will be used to acquire value-accretive properties to grow CREIT’s green asset portfolio, which are expected to increase CREIT’s landholdings to almost 4 times, from the current 2 million square meters to 7 million square meters – cementing its status as the country’s largest renewable energy (RE) landlord.

The land parcels will then be leased out to solar power generators and operators, who will construct three utility-scale solar plants with a total projected generation capacity of 269MWdc and form part of the expansion pipeline of CREIT’s Sponsor, Citicore Renewable Energy Corporation (CREC).