ACEN issues guarantee for subsidiary’s $320m loan

ACEN Cayman has loans from Philippines-based banks.

ACEN has executed a Parent Company Guarantee for the lenders of its subsidiary, ACEN Cayman, worth $320m.

In a disclosure, ACEN said that of the total guarantee, $140m will go to the Philippine National Bank and $180 to Rizal Commercial Banking Corporation.

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The company said its subsidiary’s loan will be used to redeem the redeemable preferred by AC Energy Finance International Limited (ACEFIL) in ACEN Cayman.

It added that the proceeds will be used to reclaim ACEFIL’s maturing green bonds.