PDEx Local Debt Market Welcomes the Maiden Listing of Converge Information and Communications Technology Solutions, Inc.Posted on: April 8, 2022
08 April 2022, Makati, Philippines — Converge Information and Communications Technology Solutions, Inc. (Converge ICT), one of the country’s top broadband and wi-fi providers, joined the PDEx Issuer Community with the entry of its maiden listing of PHP 10 Billion Fixed Rate Bonds Due 2027. CNVRG notably entered the fixed income market on a high note having been oversubscribed from the initial offer size of PHP 5 Billion due to strong investor demand. This maiden issuance has a coupon rate of 5.5942% per annum, to be paid quarterly.
As PDEx President and CEO Antonino A. Nakpil congratulated and welcomed Converge ICT, he also shared his insights on the issuer-investor relationship. He said: “This is a fantastic start to your relationship with bond investors, whom we trust you will find can be very sticky in their preferred issuers. Just provide them with investible instruments with consistent returns and each time you return to the debt capital market, they will have your back. We trust that you, like many of our issuers will be able nurture your investors to the point where you can confidently build in public debt issuances into your funding strategy. This mutually beneficial interlude between issuers and investors is something that we never get tired of witnessing and it provides a re-energizing excitement to every maiden listing.”
The virtual listing ceremony was also graced by the presence of SEC Commissioners namely Hon. Kelvin Lester K. Lee, Hon. Mcjill Bryant T. Fernandez, and Hon. Karlo S. Bello. In a special message, Hon. Lee said: “This year, we are seeing offices adapt and still maintain a flexible work arrangement in holding work-from-home schedules while the others are coming back to work onsite. In both work arrangements, a reliable broadband service provider remains critical and crucial. We also observe that most services are now rendered online.”
“With the proceeds from the company’s bond offering, we are hopeful that Converge will continue to innovate and deliver quality services not only to those in the metro but also to those in the far-flung areas of the country. Hopefully, this will contribute to increased broadband penetration to make the Philippines at par with if not better than our neighboring countries.”, added Hon. Lee.
Converge ICT CEO Mr. Dennis Anthony H. Uy then proceeded to deliver his message. Mr. Uy was grateful for the oversubscription of the issuance and assured investors and clients of their continued service. He said: “The strong interest we have seen from investors is encouraging for us. This gives us a renewed hunger and passion to pursue our goal of seeing a more connected and fiber-powered Philippines. Even as we explore different technologies to connect Filipinos – like satellite – our fiber technology is the foundation of our business. We will continue to invest in our digital infrastructure and reach out to the unserved and underserved.”
“Our goal is to reach as many customers in all areas possible, no matter how small the towns or purok, kahit nasa bundok o dagat, we will reach them.”, emphasized Mr. Uy.
This 8th listing for 2022 brings the year-to-date total of new listings to PHP 162.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.36 Trillion issued by 54 companies, comprising of 193 securities.