By Danessa Rivera (The
Philippine Star) | Updated March 24, 2017 - 12:00am
MANILA, Philippines - Aboitiz
Power Corp. is raising up to P30 billion through the issuance of fixed-rate
retail bonds within the year to finance ongoing and future projects.
AboitizPower said yesterday its
board has cleared the issuance of up to P30 billion fixed-rate retail bonds,
which will be “issued in one or more tranches depending on market conditions.”
“We will start with the
process immediately. How long to complete, probably a few months,” AboitizPower
president and chief operating officer Antonio Moraza said in a text message
when asked on the schedule of the offering.
The company said the retail bonds
will be registered under the shelf registration program of the Securities and
Exchange Commission (SEC).
It also intends to list the first
tranche of the offering with the Philippine Dealing and Exchange Corp.
Moraza said the capital-raising
activity will bankroll current projects.
This year, AboitizPower is looking
to complete five projects with a total capacity of 828.3 megawatts. These
include the 69-MW Manolo Fortich hydropower plant in Bukidnon and the 8.5-MW
Maris Canal hydro project in Isabela through its subsidiary SN AboitizPower.
Together with its partners,
AboitizPower is also in the process of completing the 340-MW Therma Visayas
baseload power plant in Toledo, Cebu and the 400-MW Pagbilao power plant
expansion.
AboitizPower has likewise partnered
with Vivant Corp. for the Toledo power project while the Pagbilao plant
expansion is in partnership with TeaM Energy Corp.
It is also co-developing the
2x300-MW coal-fired power plant in Subic, Zambales under Redondo Peninsula Energy
Inc. (RP Energy), targeted to go online by mid-2020.
The company will use the proceeds to
finance potential acquisitions, future investments, and other general corporate
requirements.
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