By
Lenie Lectura - January 30, 2019
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.
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