ABOITIZ POWER Corp. said its board of directors had approved the issuance of fixed-rate retail bonds amounting to P27 billion out of the P30-billion bonds it had registered in 2017 under the shelf registration program of the Securities and Exchange Commission (SEC).
In a disclosure, AboitizPower said the bonds will be issued “in one or more tranches depending on market conditions and are expected to be offered to the general public in the third or fourth quarter of 2018.” It said the company intends to list the bonds with the Philippine Dealing and Exchange Corporation as and when issued.
AboitizPower said the board of directors had delegated to the company management the final determination of the issue amount, interest rate, offer price, tenors, and other terms and conditions of the bonds including the parties that will manage or otherwise be involved in the offer.
The company said it will use the proceeds of the issuance to fund potential acquisitions, future investments and refinance existing debt, among others.
Separately yesterday, AboitizPower announced the “voluntary early cessation of extended tenure” of Antonio R. Moraza, its president and CEO, to take effect on Aug. 31. AboitizPower Director Erramon I. Aboitiz will take over Mr. Moraza’s position effective Sept. 1. — VVS
