ABOITIZ Power Corp. has filed an application with the Securities and Exchange Commission for the issuance of the fourth tranche of its P30 billion fixed-rate retail bonds registered in 2017 under the shelf registration program.
In a disclosure to the Philippine Stock Exchange, the company said the fourth tranche of bonds, to be listed at the Philippine Dealing and Exchange Corp., has an aggregate principal amount of up to P9.55 billion, including oversubscription. This is expected to be issued in the second or third quarter of 2020, in one or two series.
AboitizPower said 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 power plant located 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.
For this issuance, BDO Capital & Investment Corp. and First Metro Investment Corp. were appointed as joint issue managers with BDO Capital & Investment Corp., First Metro Investment Corp. and China Bank Capital Corp. as joint lead underwriters. BDO Unibank, Inc.-Trust and Investments Group served as a trustee.
