AboitizPower to issue P16.8-billion bonds in H2

By Lenie Lectura – January 30, 2019
from Business Mirror

ABOITIZ Power Corp. said on Tuesday it will issue in the second half of the year P16.8 billion worth of bonds, the third tranche of a P30-billion package under its shelf registration with the Securities and Exchange Commission (SEC).

“The third-tranche bonds are expected to be offered to the general public in the second half of 2019 and shall be listed with the Philippine Dealing and Exchange Corp. [PDEx] as and when issued,” the power firm said.

Proceeds will be used to finance planned acquisitions, future investments and other corporate requirements. AboitizPower issued the first tranche on July 3, 2017, in the amount of P3 billion; and the second tranche on October 25, 2018, in the amount of P10.2 billion.

On Tuesday, the board of directors approved the issuance of up to P16.8 billion fixed-rate retail bonds out of the P30-billion bonds registered in 2017 under the shelf registration program of the SEC.

The power firm said last year that earlier proceeds were used to refinance the medium-term loan of its wholly owned subsidiary Therma Power Inc., repay its short-term loan obligations, and for general corporate purposes.

BDO Capital Corp. was appointed as issue manager, as well as joint lead underwriter with BPI Capital Corp. and United Coconut Planters Bank.

The power firm’s current attributable power capacity is 3,200 megawatts of which 1,200 MW is renewable energy. It set a target-energy capacity of 4,000 MW by 2020.