PDEx approves AboitizPower Php8B bonds

The Philippine Dealing and Exchange Corporation (PDEx) has approved the listing of Aboitiz Power Corporation’s  Series “A” bonds worth Php8 billion, including oversubscription.

In its disclosure to the Philippine Stock Exchange, AboitizPower said that the PDEx approval paves the way for the secondary market trading of the bonds, with a fixed interest rate of 3.8224% per annum. The bonds will mature in 2026.

On March 1, the Securities and Exchange Commission (SEC) approved AboitizPower’s public offer of its fixed rate retail bonds amounting up to Php30 billion, which would be issued in tranches.

The remaining balance of the Php30 billion bonds was lodged under SEC’s shelf registration program and may be raised in future tranches.

The first tranche’s proceeds will be used for refinancing of corporate debts and for other general corporate purposes.

AboitizPower, the country’s largest power generator, recently announced that it has allotted Php23 billion for capital expenditures this year, primarily for the completion of the GNPower Dinginin coal plant project in Bataan and the installations of battery energy storage systems nationwide.