posted June 12, 2020 at 09:20 pm by Jenniffer B. Austria
Aboitiz Power Corp. is pushing
through with its planned P9.55-billion bond offering this year.
The company said in a latest filing
with the Securities and Exchange Commission it would issue up to P6 billion in
fixed-rate retail bonds, with an oversubscription option for another P3.55
billion.
The bonds will be issued in two
series with tenors of two and five years, shorter than the original target of
five and seven years.
The bonds will be the fourth
issuance of Aboitiz Power in relation to its three-year shelf registration of
up to P30 billion.
It said the net proceeds would be
used primarily for the company’s equity contributions through AA Thermal Inc.
and Therma Power Inc. to GNPower Dinginin Ltd. Co. in relation to the
construction of its 2x668 MW supercritical coal-fired power plant in Mariveles,
Bataan. Proceeds would also support general corporate purposes.
The bonds will be listed on the
Philippine Dealing & Exchange Corp. The company tapped BDO Capital and
Investments Corp., First Metro Investments Corp. and ChinaBank Capital as joint
issue managers and underwriters for the offering.
The P9.55-billion bond offering was
rated PRS Aaa, with a stable outlook by Philippine Ratings Services Corp.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk
which means that the obligor’s capacity to meet its financial commitment on the
obligation is extremely strong.
PRS Aaa is the highest rating
assigned by PhilRatings.
Other companies are also looking to
issue fixed-rate bonds amid current coronavirus pandemic. Ayala Land earlier
reported plans to issue up to P10-billion bonds due 2022 while Robinsons Land
Corp. is also looking to raise as much as P20-billion bonds due 2023 and 2025.
No comments:
Post a Comment