By Lenie Lectura - August 29, 2018
ABOITIZ Power Corp. (Aboitiz Power)
has filed with the Securities and Exchange Commission (SEC) the registration of
the second tranche of its P30- billion debt-securities program.
The second tranche bonds, equivalent
to P10 billion and with an oversubscription option of up to P5 billion, are
expected to be offered to the public in the fourth quarter of the year. The
power firm said proceeds would be used to refinance the medium-term loan of its
wholly owned subsidiary Therma Power Inc., to repay its short-term loan
obligations, and for general corporate purposes.
The debt-securities program was
registered with the SEC under its previously approved shelf registration
of securities in June last year.
Aboitiz Power has appointed BDO
Capital Corp. as issue manager for the proposed offering; BDO Capital Corp.,
BPI Capital Corp. and United Coconut Planters Bank as joint lead underwriters;
and BDO Unibank Inc. Trust and Investments Group as trustee.
AboitizPower intends to list the
bonds with the Philippine Dealing and Exchange Corp.
The second tranche bonds received a credit
rating of “PRS Aaa” with a stable outlook from the Philippine Ratings Services
Corp.
PRs Aaa are of the highest quality
with minimal credit risk, an indication of the extremely strong capacity of the
obligor to meet its financial commitment on the obligation. Meanwhile, a stable
outlook is defined as, “The rating is likely to be maintained or to remain
unchanged in the next 12 months.”
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