ABOITIZ Power Corp. said its proposed issuance of an aggregate principal amount of up to P9.55 billion fixed-rate retail bonds received a credit rating of PRS Aaa with stable outlook from the Philippine Rating Services Corp.
The company said the issuance of the fourth tranche bonds, which includes expected oversubscriptions, will be the final issuance from its P30 billion fixed-rate retail bonds registered under a shelf registration program filed with the Securities and Exchange Commission in 2017.
AboitizPower also amended its prospectus to reflect changes in the tenor of the fourth tranche bonds, which is now up to three series with tenors that may range from two, five or seven years, at the option of the company.
Proceeds of the bonds will be utilized to reimburse equity infusions into AA Thermal Inc., to fund succeeding infusions into AA Thermal and to fund equity infusions into Therma Power Inc., in relation to the construction of the 668×2 megawatts (MW) super critical coal-fired power plant of GN Power Dinginin Ltd. Co.
The said power plant in Bataan is being jointly developed by AboitizPower and the Ayala Group’s AC Energy, with the first unit expected to come online by October.
At present, the Aboitiz Group and its partners produce 4,471 MW of total net sellable capacity of electricity from both thermal and renewable power sources. About 1,242 MW or 27 percent of the said capacity is sourced from renewable energy.
