Manila Water Company’s $500 Million Sustainability Notes Offering

Dechert LLP advised Manila Water Company on the deal.

Manila Water Company, Inc. (Manila Water), the primary provider of water and used water services to over six million people in the East Zone of Metro Manila, executed its debut US$500 million 4.375% Senior Sustainability Notes. The Notes represent Manila Water’s first international bond offering and will be listed on the Singapore Exchange (SGX).

This transaction also represents the first bond issued by a Philippines company in accordance with the ASEAN Sustainability Bond Standard. BPI Capital Corporation, Citi, Credit Suisse, HSBC, Mizuho Securities and UBS were the joint bookrunners and lead managers for the transaction.

Net proceeds from the issuance are intended to refinance debt and fund programmed capital expenditures for 2020-2021, pursuant to Manila Water’s sustainable financing framework. The projects covered include sustainable water and wastewater management, terrestrial and aquatic biodiversity conservation and affordable basic infrastructure.

The Dechert team advising Manila Water Company was led by Singapore-based partner Maria Tan Pedersen (Picture) and London-based partner Patrick Lyons, supported by associates Nick Quarrie, Drew Singer and Amy Rees.

Involved fees earner: Patrick Lyons – Dechert; Nick Quarrie – Dechert; Amy Rees – Dechert; Drew Singer – Dechert; Maria Tan Pedersen – Dechert;

Law Firms: Dechert;

Clients: Manila Water Company;

Author: Michael Patrini