By Lenie Lectura July 7, 2020
Aboitiz Power Corp. (AboitizPower)
has received the green light of the Philippine Dealing and Exchange Corporation
(PDEx) to list P6 billion worth of bonds.
The amount represents the fourth
tranche of its P30-billion debt securities program.
The bond offering will be composed
of a principal amount of P6 billion and an oversubscription option of up to
P3.55 billion.
The bonds were issued in two series:
Series E fixed rate bonds due 2022 with interest rate of 3.125 percent per
annum, and Series F fixed rate bonds due 2025 with interest rate of 3.935
percent.
“The PDEx approval paves the way for
the secondary market trading of the bonds,” it added.
In April, Philippine Rating Services
Corp. (PhilRatings) assigned the top rating for AboitizPower’s proposed bond
offering of up to P9.55 billion.
The company had filed an application
with the Securities and Exchange Commission (SEC) to issue the amount in the
second or third quarter of this year.
The proceeds will be used primarily
to reimburse AboitizPower’s equity infusions in AA Thermal Inc., to fund
succeeding equity infusions in AA Thermal, and to fund equity infusions in
Therma Power Inc., in relation to GNPower Dinginin Ltd. Co.’s construction of
the 2×668-megawatt supercritical coal-fired power plant located in Mariveles,
Bataan.
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