By Lenie Lectura - June 19, 2017
ABOITIZ Power Corp. (AboitizPower)
will initially issue P2 billion worth of 10-year bonds next month, following
regulatory approval sought on Monday.
The power firm received the
order of registration and certificate of permit to offer securities for sale
dated June 19 from the Securities and Exchange Commission (SEC) in relation to
AboitizPower’s application for the issuance of fixed-rate retail bonds in the
aggregate amount of up to P30 billion.
The first tranche equivalent to P2
billion, with an oversubscription of P1 billion, will be issued on July 3,
while the remaining balance shall be lodged under the shelf-registration
program of the SEC to be issued in future tranches.
The public offer for the first
tranche will commence on June 20, and will end on June 23.
AboitizPower engaged BPI Capital
Corp. as the issue manager and underwriter for the first tranche, BPI Asset
Management and Trust Corp. as the trustee, and the Philippine Depository and
Trust Corp. (PDTC) as the registrar of the bonds.
The company intends to list the bonds
with the Philippine Dealing and Exchange Corp. (PDEx).
The bonds earlier received the
highest possible rating of “PRS Aaa” from the Philippine Rating Services Corp.
The proceeds, the company said earlier, will be used to finance potential
acquisitions, future investments and other general corporate requirements.
Aboitiz, together with partners, is
expected to complete five more power projects this year with a total capacity
of over 800 megawatts (MW).
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.
It is targeting to achieve 4,000 MW of net
sellable capacity by 2020.
No comments:
Post a Comment