January 29, 2020 | 12:05 am
THE board of directors
of Aboitiz Power Corp. (AboitizPower) has approved the issuance of up to P9.55
billion in fixed-rate retail bonds out of the P30-billion bonds registered in
2017 under the shelf registration program of the Securities and Exchange
Commission, it told the stock exchange on Tuesday.
It said subject to
market conditions, the fourth tranche bonds “is expected to be offered to the
general public in the second quarter of 2020.”
AboitizPower, the
energy arm of Aboitiz Equity Ventures, Inc., said the proceeds of the offering
“will be used to finance planned acquisitions, future investments, and/or other
corporate requirements.”
The company issued the
first tranche out of the shelf-registered bonds on July 3, 2017 amounting to P3
billion. The second tranche was issued on Oct. 25, 2018 amounting to P10.2
billion, and the third on Oct. 14, 2019 amounting to P7.25 billion.
It said the bonds would
be listed with the Philippine Dealing and Exchange Corp. “as and when issued.”
AboitizPower said its
board had delegated to the company’s management the final determination of the
issue amount, interest rate, offer price, tenors, and other terms and
conditions of the bonds, including the parties that will manage or be involved
in the offer.
In the same board
meeting that took place on Tuesday, the board approved the appointment of Danel
C. Aboitiz to replace Mikel A. Aboitiz as member of the board audit committee
of AboitizPower.
On Tuesday, shares in
AboitizPower slipped by P0.55 or 1.66% to close at P32.65 each. — VVS
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