spot_img
28.9 C
Philippines
Tuesday, May 7, 2024

Aboitiz Equity raises P17.45b from fixed-rate bond sale to buy Coca-Cola bottler stake

- Advertisement -
- Advertisement -

Conglomerate Aboitiz Equity Ventures Inc. (AEV) said Thursday it raised P17.45 billion from the issuance of fixed-rate bonds.

AEV said in a disclosure to the stock exchange the bonds, which were listed on the Philippine Dealing & Exchange Corp., consist of a base offer of P11 billion and oversubscription of P6.45 billion.

The bonds were issued in three tranches. The Series “C” bonds due 2025 will pay yearly interest rate of 6.3402 percent; Series “D” bonds, 6.4762 percent; and Series “E” bonds due 2033, 6.8032 per annum.

The company said it would use the net proceeds to pay maturing debt and partially finance the acquisition of a 40-percent stake in Coca-Cola Beverages Philippines Inc.

It said of the P17.45 billion fresh capital raised, P11.39 billion would be allotted for the CCBPI acquisition while P5.85 billion would refinance fixed bonds maturing in November.

- Advertisement -

The bonds form part of the second and final tranche of retail bonds from the company’s P30-billion bond shelf registration program papered by the Securities and Exchange Commission in 2022.

AEV s appointed BDO Capital & Investment Corp., First Metro Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., SB Capital Investment Corp. and Union Bank of the Philippines as the joint bookrunners and joint lead underwriters for the offering.

AEV has investments in power generation, infrastructure, property development, financial services and agribusiness.

The conglomerate earmarked P78 billion for 2023 capital expenditures, up 10 percent from P70 billion in 2022.

- Advertisement -

LATEST NEWS

Popular Articles