ABOITIZ Power Corp. said on Monday that it had secured approval from the Securities and Exchange Commission (SEC) to sell up to P12 billion worth of peso-denominated fixed-rate retail bonds this month.
The company told the stock exchange that the Certificate of Permit to Offer Securities for Sale will allow it to issue the third tranche of its P30-billion bonds registered under the SEC’s shelf registration program on June 19, 2017.
It previously said that the proceeds of the bonds will be used to repay short-term loan obligations and general corporate purposes. It intends to list the bonds with the Philippine Dealing & Exchange Corp.
AboitizPower said the bonds, with a principal amount of P7 billion and an oversubscription option of up to P5 billion, will be issued on Oct. 14, 2019. The offer period started on Sept. 30, 2019 and will end on Oct. 4, 2019.
AboitizPower has engaged BDO Capital & Investment Corp. and First Metro Investment Corp. as joint issue managers; BDO Capital & Investment Corp., First Metro Investment Corp., China Bank Capital Corp., SB Capital & Investment Corp. and PNB Capital & Investment Corp. as joint bookrunners and joint lead underwriters for the bonds.
BDO Unibank Trust and Investments Group has been appointed as trustee and the Philippine Depository & Trust Corp. will act as the registrar of the bonds.
The bonds received an issue credit rating of “PRS Aaa” with a stable outlook from the Philippine Ratings Services Corp. on Aug. 30, 2019. The SEC permit to sell was dated Sept. 27, 2019.
On Monday, shares in AboitizPower slipped by 1.03% to close at P38.35 each. — Victor V. Saulon
