Aboitiz Power to sell up to PHP 9.55 billion retail bonds in 2020

By Marisa Wong

Los Angeles, March 31 – Aboitiz Power Corp. plans to issue up to PHP 9.55 billion of fixed-rate retail bonds, according to a 17-C filing with the Philippines Securities and Exchange Commission.

This will be the fourth tranche under Aboitiz Power’s previously registered PHP 30 billion fixed-rate retail bond program. The company issued PHP 3 billion of bonds in July 2017, PHP 10.2 billion of bonds in October 2018 and PHP 7.25 billion of bonds in October 2019.

Aboitiz Power expects to issue the fourth tranche in the second or third quarter of 2020, in one or two series.

The company has appointed BDO Capital & Investment Corp. and First Metro Investment Corp. as joint issue managers and, along with China Bank Capital Corp., joint lead underwriters.

Proceeds will be used to reimburse equity infusions into AA Thermal, Inc., to fund future infusions into AA Thermal and to fund equity infusions into Therma Power, Inc. in relation to construction of a coal-fired power plant.

The power generation company is based in Taguig City, Philippines. It is a subsidiary of Aboitiz Equity Ventures, Inc.

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