C06747-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Sep 4, 2023
2. SEC Identification Number
39274
3. BIR Tax Identification No.
000-506-020-000
4. Exact name of issuer as specified in its charter
ACEN CORPORATION
5. Province, country or other jurisdiction of incorporation
Makati City, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
35th Floor, Ayala Triangle Gardens Tower 2, Paseo de Roxas corner Makati Avenue, Makati City Postal Code 1226
8. Issuer's telephone number, including area code
(02) 7730 6300
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 39,677,394,773
Series A Preferred Shares 8,341,500
Series B Preferred Shares 16,658,500
11. Indicate the item numbers reported herein
Item 9 - Other Events

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

ACEN CORPORATIONACEN

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

ACEN Successfully Raises Php25.0 Billion from Maiden Peso-denominated Preferred Shares Offer
Background/Description of the Disclosure

ACEN CORPORATION (PSE: ACEN) marked the issuance of its Php25.0 billion perpetual preferred shares (the “Offer”) which were listed on the Main Board of The Philippine Stock Exchange, Inc. (“PSE”) on 1 September 2023 under the trading symbols “ACENA” for the Series A preferred shares (the “Series A Preferred Shares”) and “ACENB” for the Series B preferred shares (the “Series B Preferred Shares”) (collectively, the “Offer Shares”). The Offer is the first tranche under ACEN’s shelf registration of up to 50 million preferred shares rendered effective by the Securities and Exchange Commission on 10 August 2023.

The Offer Shares were publicly offered from 11 to 23 August 2023 and were met with strong demand from both institutional and retail investors allowing ACEN to fully exercise its oversubscription option of up to Php12.5 billion on top of the base offer of Php12.5 billion. ACEN’s issuance is the largest preferred shares offering in the Philippines since 2016.

Eric Francia, ACEN president and CEO, said, “We are very thankful for the exceptional support that we received from investors. The additional capital further strengthens the company’s balance sheet and helps us accelerate our renewables expansion.”

Cora Dizon, ACEN chief finance officer, said, “The issuance is part of the company’s strategy to diversify its sources of funding, and to gain access to a wider base of investors. Being the first of its kind in the Philippines with the fixed-for-life feature, we are delighted with the strong investor response, which is a testament to the strong alignment with ACEN’s sustainability focus and growth aspirations.”

The Series A Preferred Shares carry an initial dividend rate of 7.1330% per annum, with a dividend rate re-setting on the 5th anniversary of the listing date. The Series B Preferred Shares has a fixed dividend rate of 8.0000% per annum with no dividend rate re-setting, making it the first Philippine Peso-denominated fixed-for-life equity instrument listed on the PSE. The Company shall have the option to redeem (in whole but not in part) the Series A Preferred Shares and the Series B Preferred Shares starting on the 3rd and 7th anniversary of the listing date, respectively, and on every dividend payment date thereafter. The Offer Shares has cumulative and non-participating dividends based on the Offer Price of Php1,000.00 payable quarterly in arrear.

In an earlier disclosure, ACEN announced that the amount raised will be used for the financing of new or existing Eligible Green Projects in accordance with the Company’s Green Equity Framework, including the refinancing of short-term bridge loans for Eligible Green Projects, and can enable more than 1 GW of renewable energy projects in the Philippines. ACEN will monitor and report the allocation of the proceeds as required by applicable regulations.

BDO Capital & Investment Corporation, BPI Capital Corporation, and China Bank Capital Corporation are the joint issue managers and, together with PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation, are the joint lead underwriters and bookrunners for the Offer.

DISCLAIMER: This disclosure may contain forward-looking statements that are subject to risk factors and opportunities that may affect ACEN’s plans to complete the transaction/s subject of this disclosure. Each forward-looking statement is made only as of the date of this disclosure. Outcomes of the subject transaction may differ materially from those expressed in the forward-looking statements included in this disclosure.
Other Relevant Information

About ACEN

ACEN is the listed energy platform of the Ayala Group. The company has ~4,500 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98%, which is among the highest in the region.

ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030. ACEN is committed to transition the company’s generation portfolio to 100% renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050.
www.acenrenewables.com

For inquiries and more information, please contact:
For Investors and Analysts:
ACEN Investor Relations
Email: [email protected]

For Media:
Irene Maranan – Head, Communications & Sustainability
Email: [email protected]
Filed on behalf by:
Name Alan Ascalon
Designation Vice President/Asst. Corporate Secretary