Aboitiz files 2nd tranche of P30-billion debt-securities program with SEC

By Lenie Lectura – August 29, 2018
from Business Mirror

ABOITIZ Power Corp. (Aboitiz Power) has filed with the Securities and Exchange Commission (SEC) the registration of the second tranche of its P30- billion debt-securities program.

The second tranche bonds, equivalent to P10 billion and with an oversubscription option of up to P5 billion, are expected to be offered to the public in the fourth quarter of the year. The power firm said proceeds would be used to refinance the medium-term loan of its wholly owned subsidiary Therma Power Inc., to repay its short-term loan obligations, and for general corporate purposes.

The debt-securities program was registered with the SEC under its  previously approved shelf registration of securities in June last year.

Aboitiz Power has appointed BDO Capital Corp. as issue manager for the proposed offering; BDO Capital Corp., BPI Capital Corp. and United Coconut Planters Bank as joint lead underwriters; and BDO Unibank Inc. Trust and Investments Group as trustee.

AboitizPower intends to list the bonds with the Philippine Dealing and Exchange Corp.

The second tranche bonds received a credit  rating of “PRS Aaa” with a stable outlook from the Philippine Ratings Services Corp.

PRs Aaa are of the highest quality with minimal credit risk, an indication of the extremely strong capacity of the obligor to meet its financial commitment on the obligation. Meanwhile, a stable outlook is defined as, “The rating is likely to be maintained or to remain unchanged in the next 12 months.”