Manila Water secures $110-M loan for debt refinancing
‘This year, we need to be able to find ways how we can achieve our goals of further enhancing our services. There will be challenges but these should not stop us from doing what needs to be done’
Daily Tribune‘This year, we need to be able to find ways how we can achieve our goals of further enhancing our services. There will be challenges but these should not stop us from doing what needs to be done’
A loan worth $110 million or approximately P6.16 billion has been secured by Manila Water Asia Pacific Pte. Ltd., the holding company for international ventures of Manila Water Company Inc., to pay off its debt.
In a stock report on Monday, parent firm MWC said the fresh capital is a three-year term loan facility signed with Mizuho Bank Singapore Branch and ING N.V. Singapore.
“The proceeds of the loan will be used to refinance existing debt,” the east zone concessionaire said.
Overseas operations
Overseas, the company has operations in Thailand, Vietnam, Saudi Arabia, Indonesia and Myanmar.
MWC chief administrative officer and head for international business Roberto Jose Locsin previously told reporters that the company targets to have a presence in areas where Razon’s International Container Services Inc. ports are located.
In a separate development, another subsidiary of MWC, Boracay Water, announced its plan to invest P1.1 billion until 2025 to further intensify water and wastewater service in Boracay Island.
“This year, we need to be able to find ways how we can achieve our goals of further enhancing our services. There will be challenges but these should not stop us from doing what needs to be done,” Boracay Water general manager Bryan Magallanes said.
Boracay Water
Boracay Water was established in 2010 and has made significant progress in providing water and wastewater services on the island and helped create a sustainable environment and driving economic development.
By implementing extensive pipelaying and pipe replacement programs, the company has achieved 100 percent water supply coverage, reduced water loss from 37 percent to 20 percent by 2023, and ensured 24/7 water availability.