ABOITIZ Equity Ventures, Inc. (AEV) is preparing to issue the third tranche of its P30-billion shelf-registered bonds consisting of a P5-billion primary offer, with an oversubscription option of up to P5 billion.
AEV said in a disclosure to the stock exchange on Monday that it had filed an application with the Securities and Exchange Commission for the issuance.
“The proceeds from the third tranche bonds are intended to finance the early redemption of certain outstanding bonds of the AEV, to finance future funding requirements of Aboitiz InfraCapital, Inc., and other general corporate purposes,” the company said.
After securing regulatory approvals, the company intends to list the bonds with the Philippine Dealing and Exchange Corp.
AEV is aiming to offer the bonds to the investing public in the third quarter this year depending on market conditions.
The company also said that the third tranche received a credit rating of PRS Aaa from the Philippine Rating Services Corp. (PhilRatings), which means it has minimal credit risk signaling the company’s “extremely strong” capacity to commit to its financial obligation.
It was also assigned a “stable outlook,” meaning the rating is likely to be kept or remain unchanged in the next 12 months.
On Monday, AEV shares at the stock market improved by 0.88% or 35 centavos to close at P40.35 each. — Keren Concepcion G. Valmonte