Aboitiz Power Corp. said it filed with the Securities and Exchange Commission a registration statement for the planned P30-billion fixed-rate retail bonds under a shelf-registration program.
Aboitiz Power said in a disclosure to the stock exchange the first tranche of the bond offering would involve P3 billion to be offered to the general public in 2017.
Aboitiz Power said it would issue the subsequent tranches of the bonds as needs arose. Net proceeds from the first tranche will be used to finance an investment into a company partly owned by Aboitiz Power.
The company tapped BPI Capital Corp. as the issue manager and underwriter and BPI Asset Management and Trust Corp. as the trustee. The bonds will be listed with the Philippine Dealing and Exchange Corp.
Aboitiz Power earlier reported a 14-percent growth in 2016 income to P20 billion from P17.6 billion in 2015, on strong performance of power generation business.