Aboitiz Power Corp. has filed with the Securities and Exchange Commission a permit for the issuance of the third tranche of its P30- billion fixed-rate retail bonds.
In a disclosure to the Philippine Stock Exchange yesterday, Aboitiz Power said the third tranche of the fixed rate bonds has an aggregate principal amount of up to P10 billion, including oversubscription that is also expected to be issued in one or two series in the first quarter of the year.
Proceeds of the bonds will be used to raise capital to re-finance Aboitiz Power’s previously issued bonds as well as for the construction of future renewable projects and other general corporate purposes.
Aboitiz Power appointed BDO Capital and Investment Corp., China Bank Capital Corp. and First Metro Securities Brokerage Corp. as joint issue managers with BDO Capital, ChinaBank Capital, FMIC and Security Bank Corp. as joint lead underwriters and joint bookrunners.
AboitizPower also intends to list the bonds with the Philippine Dealing and Exchange Corp.
Earlier, Aboitiz Power announced that it will spend around P190 billion over the next decade for an additional 3,700 megawatts (MW) renewable energy projects in its portfolio.
Aboitiz Power said its expected total capacity by 2030 will be at 9,200 MW, half of which or 4,600 MW will come from various renewable energy sources.
As of October 2020, Aboitiz Power had the biggest installed generating capacity in the entire country at 4,973.4 MW equivalent to a share of 21.3 percent of the total 23,409.7 MW – Jed Macapagal
