AboitizPower to issue rest of P30-billion fixed-rate bonds

By Lenie Lectura – July 26, 2018
from Business Mirror

ABOITIZ Power Corp. said on Thursday it received the green light of the board to issue the remaining P27-billion fixed-rate bonds out of the P30-billion bonds registered in 2017.

“The bonds will be issued in one or more tranches depending on market conditions and are expected to be offered to the general public in the third or fourth quarter of 2018. The company intends to list the bonds with the Philippine Dealing and Exchange Corp. as and when issued,” it said.

The company will use the proceeds of the bonds to finance, among others, potential acquisitions, future investments, refinance existing debt and other general corporate requirements.

The bonds earlier received the highest possible rating of “PRS Aaa” from the Philippine Rating Services Corp.

The power firm continues to push its balanced mix strategy into the year, with coal and hydro plants, underlining the company’s strategy to have a wide and diverse portfolio of generating assets.

The company is targeting to achieve 4,000-megawatt net sellable capacity by 2020.