AboitizPower to issue P30 B fixed-rate bonds
MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved Aboitiz Power Corp.’s plan to issue up to P30 billion fixed-rate retail bonds to finance projects.
The company said the bonds will be registered under the SEC’s shelf registration program and will be issued in tranches.
“The first tranche is equivalent to P2 billion, with an oversubscription option of another P1 billion,” it said.
The capital-raising activity will bankroll ongoing and future projects, AboitizPower president and chief operating officer Antonio Moraza said earlier.
This includes potential acquisitions, future investments and other general corporate requirements.
This year, AboitizPower is looking to complete five projects with a total capacity of 828.3 megawatts. These include the 69-MW Manolo Fortich hydropower plant in Bukidnon and the 8.5-MW Maris Canal hydro project in Isabela through its subsidiary SN AboitizPower.
Together with its partners, AboitizPower is also in the process of completing the 340-MW Therma Visayas baseload power plant in Toledo, Cebu and the 400-MW Pagbilao power plant expansion.
AboitizPower has likewise partnered with Vivant Corp. for the Toledo power project while the Pagbilao plant expansion is in partnership with TeaM Energy Corp.
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