Philippines' Aboitiz Power board OKs PHP 3 billion note offering

By Jennifer Chiou

New York, Nov. 20 - Aboitiz Power Corp. said that its board authorized the issue of PHP 3 billion of five-year and seven-year corporate fixed-rate notes during the first quarter of 2009.

The company previously announced the offering on Nov. 5, which it then expected to close by the end of the year.

As already reported, the joint lead managers are BDO Capital & Investment Corp., BPI Capital Corp., First Metro Investment Corp. and ING Bank NV, Manila Branch. They will be granted a greenshoe depending on market demand.

Proceeds will be used to finance the company's planned acquisitions and for other general corporate purposes.

Aboitiz Power is a holding company based in Cebu City, the Philippines, that owns hydroelectric power generation facilities and thermal plants.

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