Aboitiz Power lists P10b worth of bonds

By Alena Mae S. Flores – October 25, 2018 at 06:30 pm
from manilastandard.net

Aboitiz Power Corp. on Thursday listed its fixed-rate bonds worth P10.2 billion and due 2024 and 2028 with Philippine Dealing & Exchange Corp.

The bonds are comprise of series b fixed-rate bonds due 2024 worth P7.7 billion with an interest rate of 7.5095 percent and series c fixed-rate bonds due 2028 which carry a rate of 8.5091 percent.

“Despite market volatility, our base offer is fully subscribed. While the purpose of this second offering is to refinance and repay some of our existing loan obligations, it is part of a larger goal of providing the country 4,000 megawatts of installed capacity by 2020,” Aboitiz Power chief finance officer Liza Montelibano said during the listing ceremony.

The bonds form part of the second tranche of Aboitiz Power’s P30-billion debt securities program registered in 2017 with the Securities Exchange Commission.  Aboitiz Power successfully listed the first tranche amounting to P3 billion in July last year.

“We will offer this in several tranches within a period of three years. This exercise enables us to further our brand promise of advancing business and communities. By raising funds for Aboitiz Power, we are able to give our investors a chance to be part of a growth story they are in,” Montelibano said.