Jun
25, 2017
MANILA, June 25 -- The
PHP4.1-billion project notes facility for AboitizPower’s Hedcor Sibulan hydro power plant bagged the Renewable
Energy Deal of the Year-Hydro award in the Hong Kong-based finance
publication, The Asset.
“This award is a
testament that we remain true to our mission to provide Filipinos a better
future by delivering reliable and reasonably priced power,” said Emmanuel V.
Rubio, AboitizPower COO for Generation Group.
The SEC
registration-exempt Peso Denominated Fixed Rates issuance, which was also
evaluated by the Philippine Rating Services Corporation (PhilRatings) and
received a credit rating of PRS Aa+, indicating AboitizPower and subsidiary
Hedcor’s obligations are of high quality and subject to a very low credit risk.
The project notes
issuance will be used to finance the redemption of a portion of preferred
shares in line with AboitizPower’s capital management program to pay
issue-related expenses and for general corporate purposes.
This is the second to
the highest credit rating with stable outlook from PhilRatings and the first in
First Metro Investment Corporation (FMIC, Issue Manager) to structure this type
of fundraising. It is also the first for AboitizPower to refinance through
fixed rate notes offered to Primary Institutional Lenders (PILs) in accordance
with the Securities Regulation Code.
“We will continue to be
committed to our obligations, build trust with our stakeholders and initiate
projects that lead to the sustainability of our operations, our environment,
and the advancement of our communities,” Rolando Pacquiao, vice president for
Operations of Hedcor, said.
Hedcor manages and
operates 22 hydropower plants and supplies the country with 185 MW of clean and
renewable energy. With almost 40 years of
experience, Hedcor is the leading run-of-river developer in the Philippines,
which adheres to the guidelines of multiple international standards. (PR/PNA)
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