Aboitiz Power Corporation has registered its proposed fixed retail bonds worth Php30 billion with the Securities and Exchange Commission (SEC), the company said in a disclosure to the Philippine Stock Exchange.
The bond offer was registered under the SEC’s shelf registration program
The remaining Php26 billion will be offered also in tranches on later dates when the need arises and as market conditions permit.
“Philippine Ratings Services Corporation (PhilRatings) assigned an issue credit rating of “PRS Aaa”, with Stable Outlook for the First Tranche Bonds,” the disclosure reads.
“According to PhilRatings, obligations rated “PRS Aaa” are of the highest quality with minimal credit risk, an indication of the extremely strong capacity of the Company to meet its financial commitment on the obligation,” the disclosure adds.
AboitizPower intends to use the proceeds from the First Tranche Bonds, which it plans to list with the Philippine Dealing and Exchange Corporation, for refinancing and/or for other general corporate purposes.