By
Lenie Lectura - April 20, 2017
ABOITIZ Power Corp.
will initially offer within the year P3 billion of the proposed P30-billion retail
bonds.
The power firm
filed on Thursday with the Securities and Exchange Commission (SEC)
its proposed fixed-rate retail bonds in the aggregate principal amount of P30
billion, to be registered under the shelf-registration program of the SEC.
The first tranche of
the bonds, equivalent to P3 billion, will be offered to the general public in
2017. As the need arises, AboitizPower will issue subsequent tranches of the
bonds.
Proceeds from the first
tranche of the bonds will be used to finance an investment into a company
partly owned by AboitizPower.
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AboitizPower appointed
BPI Capital Corp. as the issue manager and underwriter, and BPI Asset
Management and Trust Corp. as the trustee for the first tranche.
The company intends to
list the first tranche of the retail bonds with the Philippine Dealing and
Exchange Corp. Aboitiz, together with partners, is expected to complete five
more power projects this year with a total capacity of over 800 megawatts (MW).
AboitzPower President
and COO Antonio Moraza has said the company continues to push its balanced-mix
strategy into the year, with coal and hydro plants, underlining the company’s
strategy to have a wide and diverse portfolio of generating assets.
“That has always been
part of the strategy, to tap renewable energy as long as it is available and
cost-effective for the consumers, but at the same time, utilize the
reliability of thermal-power plants,” Moraza said.
The company is
targeting to achieve a 4,000-MW net sellable capacity by 2020.
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