AboitizPower seeking SEC clearance for 3rd tranche of Php30B bonds

AboitizPower edited

Aboitiz Power Corporation has sought the Securities and Exchange Commission’s (SEC) approval for the issuance of the third tranche of its Php30 billion fixed-rate retail bonds, which it registered with the agency early last year.

In a disclosure to the Philippine Stock Exchange on Tuesday, AboitizPower said it had filed the application with the SEC seeking clearance for the firm to issue the third installment, which including oversubscription, is worth Php10 billion.

AboitizPower, the country’s largest power generator, said it will issue the bonds in up to two series within the first quarter.

“The proceeds of the bonds will be used to raise capital to refinance the company’s previously issued bonds, fund the construction of future renewable projects, and other general corporate purposes,” the disclosure read.

AboitizPower intends to list the bonds with the Philippine Dealing and Exchange Corporation.

The firm issued the first tranche of the Php30 billion bonds — worth Php4 billion — in March 2021, followed by the second tranche worth Php12 billion last December.