April 2,
2020 - 12:00am by Danessa Rivera
MANILA,
Philippines — Aboitiz Power Corp. is eyeing to issue nearly P10 billion fixed-rate
retail bonds by the third quarter of the year.
In a
disclosure to the Philippine Stock Exchange Tuesday, AboitizPower said it filed
an application with the Securities and Exchange Commission (SEC) for the
issuance of the fourth tranche of its P30 billion fixed-rate retail bonds
registered in 2017 under the shelf registration program of SEC.
“The
fourth tranche bonds, with an aggregate principal amount of up to P9.55
billion, including oversubscription, is expected to be issued in the second or
third quarter of 2020, in one or two series,” it said.
The
company said proceeds would be used to pay for the acquisition of a 49-percent
voting stake and a 60-percent economic stake in AA Thermal Inc., AC Energy
Inc.’s thermal platform in the Philippines.
It will
also be used to bankroll the completion of GNPower Dinginin Coal Plant Ltd.
Co., AboitizPower’s joint coal-fired power project with AC Energy in Bataan.
“The
proceeds of the bonds will be used to reimburse equity infusions into AA
Thermal Inc., to fund succeeding infusions into AA Thermal, and to fund equity
infusions into Therma Power Inc., in relation to the construction of the
2x668-megawatt (MW) super critical coal-fired power plant of GN Power Dinginin
Ltd. Co.,” the company said.
For this
bond offering, AboitizPower appointed BDO Capital & Investment Corp. and
First Metro Investment Corp. as joint issue managers; BDO Capital &
Investment Corp., First Metro Investment Corp., and China Bank Capital Corp. as
joint lead underwriters; and BDO Unibank Inc. - Trust and Investments Group as
the trustee.
Moreover,
AboitizPower intends to list the bonds with the Philippine Dealing and Exchange
Corp.
Earlier,
the company said the fourth tranche bonds was targeted in the second quarter,
subject to market conditions.
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