Aboitiz Power Corp. said Monday it secured a certificate of permit from the Securities and Exchange Commission to issue P30-billion fixed-rate retail bonds.
Aboitiz Power said in a disclosure to the stock exchange the first tranche would involve P2 billion, with an oversubscription option for another P1 billion and would be issued on July 3. The balance would be lodged under the shelf registration program of the SEC and would be issued in future tranches.
The public offer for the first tranche will commence on June 20 and will end on June 23. Aboitiz Power engaged BPI Capital Corp. as the issue manager and underwriter for the first tranche, BPI Asset Management and Trust Corp. as the trustee and the Philippine Depository & Trust Corp. as the registrar of the bonds.
“AboitizPower intends to list the bonds with the Philippine Dealing & Exchange Corp. The bonds earlier received the highest possible rating of ‘PRS Aaa’ from the Philippine Rating Services Corp.,” the company said.
Aboitiz Power said the final approval of the registration statement of the bonds would be issued upon compliance of certain conditions including the submission of certain documents to the SEC.
The company announced in March that it would undertake a peso denominated bond issuance of up to P30 billion this year to finance potential acquisitions and future projects.
“The company will use the proceeds of the retail bonds to finance potential acquisitions, future investments, and other general corporate requirements,” Aboitiz Power said.
The company targets to achieve a 4,000-megawatt net sellable capacity by 2020.
