Aboitiz Power Corp. said it secured the approval of the Philippine Dealing and Exchange Corp. to list P7.25 billion worth of securities representing the third tranche of its P30-billion debt securities program.
“The PDEx approval paves the way for the secondary market trading of the Series D fixed-rate bonds, with a fixed interest rate of 5.2757 percent per annum maturing in 2026,” Aboitiz Power said in a disclosure to the Philippine Stock Exchange Monday.
Aboitiz Power earlier said it would use the proceeds from the third tranche of bonds to repay short-term loan obligations and general corporate purposes.
Aboitiz Power chief finance officer Liza Luv Montelibano said the listing “enables AboitizPower to fund its growth aspirations, while simultaneously providing debt investors with an opportunity to take part in a growth story they believe in.”
“Aboitiz Power is here to provide our country with reliable power, at reasonable cost, and in a responsible manner in support of the country’s growing energy needs. While the purpose of this third offering is to refinance and repay some of our existing loan obligations, it is part of a larger goal of generating 33 tWh [terrawatt-hours] of energy by 2025,” Montelibano said.
PDEx president and chief operating officer Antonino Nakpil welcomed Aboitiz’s bond listing which “marks the seventh listing over the past four weeks.”
“It is doubly pleasing to see APC retain its visibility within the investor community through the traffic of issuances and listings,” Nakpil said.
He said the Aboitiz Power listing brought the total amount of corporate bonds listed to P1.243 trillion, which Aboitiz Group’s total of P87.25 billion representing a 7-percent share.
“For the year-to-date figure, we are at P282.05 billion today and from listing date, reservations look to breach P300-billion within November,” Nakpil said.