The board of Aboitiz Power Corp. approved the issuance of up to P9.55 billion in fixed-rate retail bonds out of the P30-billion bonds it registered in 2017.
Aboitiz Power disclosed to the Philippine Stock Exchange on Tuesday the fixed-rate bonds were the fourth trance of its P30-billion bonds under the shelf registration program of the Securities Exchange Commission.
“Subject to market conditions, the fourth tranche bonds is expected to be offered to the general public in the second quarter of 2020 and shall be listed with the Philippine Dealing and Exchange Corporation (PDEx) as and when issued,” the company said.
The board of Aboitiz Power delegated to the management the final determination of the issue amount, interest rate, offer price, tenors, and other terms and conditions of the bonds including the parties that will manage or otherwise be involved in the offer.
“Proceeds of the fourth tranche bonds will be used to finance planned acquisitions, future investments, and/or other corporate requirements,” the company said.