Aboitiz Equity Ventures Inc. has successfully raised P5 billion from the issuance of fixed rate peso bonds.
AEV chief finance officer Manuel Lozano said in an interview during the listing of the firm’s P5-billion bonds with Philippine Dealing and Exchange Corp. it would use the net proceeds from the offering to refinance the medium-term loan incurred by wholly owned unit AEV International Pte.
The bonds were issued in two series—Series “A” with a fixed interest rate of 6.0157 percent a year and maturing in 2024, and Series “B” with a fixed interest rate of 6.3210 percent a year maturing in 2029.
The P5-billion bond offering represents the first tranche of the company’s P30-billion bond shelf registration program earlier approved by the Securities and Exchange Commission.
Lozano said the company had not yet finalized plans to issue the second tranche. He indicated AEV was optimistic about its growth plans that would enable it to use the remaining P27 billion from the bond registration program within the next three years.