Philippines' Aboitiz gets go-ahead to issue up to PHP 10 billion bonds

By Marisa Wong

Madison, Wis., Nov. 8 - Aboitiz Equity Ventures, Inc. received approval from the Philippine Securities and Exchange Commission for the issuance of up to PHP 10 billion of fixed-rate corporate retail bonds, according to a 17-C filed Friday with the Philippine SEC.

The company previously announced that it appointed First Metro Investment Corp. and HSBC as joint lead underwriters for its upcoming issue.

The bonds were first proposed with tenors of seven and 10 years in September.

Proceeds will be used to finance investments and general corporate purposes.

Aboitiz Equity Ventures is the holding company for Aboitiz & Co.'s power, banking, food and transport businesses. The group is based in Cebu City, Philippines.

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