Aboitiz Power Corporation is set to offer Php30 billion in retail bonds beginning with the first tranche worth Php4 billion in the first quarter of 2021.
“The Board of Directors of the Company [approved] the issuance of the first tranche of the Retail Bonds under the shelf registration statement, consisting of up to [Php4 billion], with oversubscription option of up to [Php4 billion],” AboitizPower said in a disclosure to the Philippine Stock Exchange.
“Proceeds of the first tranche of the Retail Bonds will be used for refinancing of corporate debts and/or for other general corporate purposes,” the disclosure further read.
The company plans to list the first tranche of the retail bonds with the Philippine Dealing and Exchange Corporation. The remaining Php26 billion will be issued. also in tranches, from time to time depending on market conditions.
AboitizPower’s Board of Directors approved the move on Monday, December 14.