By Marisa Wong
Los Angeles, July 6 – Philippines’ Aboitiz Power Corp. priced PHP 6 billion of fixed-rate bonds in two tranches with an oversubscription option for up to PHP 3.55 billion, according to a 17-C filing with the Philippines Securities and Exchange Commission.
The two tranches consist of 3 1/8% series E bonds due 2022 and 3.935% series F bonds due 2025.
This is the fourth tranche under Aboitiz Power’s previously registered PHP 30 billion debt securities program.
The company appointed BDO Capital & Investment Corp. and First Metro Investment Corp. as joint issue managers and, along with China Bank Capital Corp., joint lead underwriters, as previously reported.
The company had said proceeds were earmarked for reimbursement of equity infusions into AA Thermal, Inc., funding future infusions into AA Thermal and funding 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.
| Issuer: | Aboitiz Power Corp.
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| Issue: | Fixed-rate bonds, fourth tranche
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| Amount: | Up to PHP 9.55 billion (PHP 6 billion with up to PHP 3.55 billion oversubscription option)
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| Underwriters: | BDO Capital & Investment Corp., First Metro Investment Corp. (joint issue managers) and China Bank Capital Corp.
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| Announcement date: | July 6
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| Series E bonds
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| Maturity: | 2022
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| Coupon: | 3 1/8%
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| Series F bonds
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| Maturity: | 2025
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| Coupon: | 3.935%
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