Aboitiz Equity Ventures Inc. (AEV) looks to raise P10 billion through a bond sale, part of its P30- billion shelf-registered bond program in 2019.
The company said the bond sale will be divided into an initial P5 billion and another P5 billion to cover the oversubscription option.
“The proceeds from bonds are intended to finance the early redemption of certain outstanding bonds of the AEV, to finance future funding requirements of Aboitiz InfraCapital Inc., and other general corporate purposes,” the company said.
AEV said subject to market conditions, the bond sale will be offered in the third quarter of this year.
“AEV intends to list the third tranche bonds with the Philippine Dealing and Exchange Corp.,” it said.
AEV said the bond sale has received a credit rating of PRS Aaa, with a stable outlook, from the Philippine Rating Services Corporation (PhilRatings). It also maintained the issue credit rating of PRS Aaa, with a stable outlook, for AEV’s total outstanding bonds.
The “PRS Aaa” rating is PhilRatings’ highest rating given to debts of highest quality with minimal credit risk, an indication that the obligor’s capacity to meet its financial commitment on the obligation is extremely strong.
A “stable outlook” meanwhile means that the rating is likely to be maintained or to remain unchanged in the next 12 months.
