ACEN Corp., the listed energy platform of the Ayala family, is set to acquire shares in businessman Leandro Leviste’s SP New Energy Corp. (SPNEC).
In a stock exchange filing, ACEN said it would acquire from Solar Philippines 500 million SPNEC shares as part of an omnibus loan and security agreement they signed in June 2021.
The shares serve as “pre-payment for part of the loan’s principal, and payment of interest and arrangement and security amendment fees in consideration for the company releasing its pledge over shares owned by Solar Philippines in SPNEC.”
ACEN said definitive agreements for the transaction with Solar Philippines and afiliate Provincia Investments Corp. (PIC) had already been signed.
ACEN president John Eric Francia has been tasked to approve the final terms and conditions of the definitive agreements.
Under the omnibus agreement, the loan, which had a repayment date of July 2, 2026, was secured by a pledge over shares owned by Solar Philippines in SPNEC, formerly Solar Philippines Nueva Ecija Corp.