Power company Aboitiz Power Corp will be raising P30 billion through the issuance of fixed retail bonds within the year to finance the company’s ongoing and future projects.
In a disclosure to the Philippine Stock Exchange, Aboitiz said that its board cleared the issuance of up P30 billion fixed – rate retail bonds that will be “issued in one or more tranches depending on market conditions.”
The retail bonds will be registered under the shelf registration program of the Securities and Exchange Commission (SEC), the company said.
It also intends to list the first tranche of the offering with the Philippine Dealing and Exchange Corp.
The company will be using the proceeds in financing potential acquisitions, future investments, and other general corporate requirements.
Aboitiz Power is eyeing to complete five projects with a total capacity of 828.3 MW this year. These are the 69 MW Manolo Fortich hydropower plant in Bukidnon; the 8.5 MW Maris Canal hydro project in Isabela through its subsidiary SN AboitizPower; the 340 MW Therma Visayas baseload power plant with its partner; the 400 MW Pagbilao power plant expansion.