THE board of directors of Aboitiz Power Corp. (AboitizPower) has approved the issuance of up to P9.55 billion in fixed-rate retail bonds out of the P30-billion bonds registered in 2017 under the shelf registration program of the Securities and Exchange Commission, it told the stock exchange on Tuesday.

It said subject to market conditions, the fourth tranche bonds “is expected to be offered to the general public in the second quarter of 2020.”

AboitizPower, the energy arm of Aboitiz Equity Ventures, Inc., said the proceeds of the offering “will be used to finance planned acquisitions, future investments, and/or other corporate requirements.”

The company issued the first tranche out of the shelf-registered bonds on July 3, 2017 amounting to P3 billion. The second tranche was issued on Oct. 25, 2018 amounting to P10.2 billion, and the third on Oct. 14, 2019 amounting to P7.25 billion.

It said the bonds would be listed with the Philippine Dealing and Exchange Corp. “as and when issued.”

AboitizPower said its board had delegated to the company’s 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 be involved in the offer.

In the same board meeting that took place on Tuesday, the board approved the appointment of Danel C. Aboitiz to replace Mikel A. Aboitiz as member of the board audit committee of AboitizPower.

On Tuesday, shares in AboitizPower slipped by P0.55 or 1.66% to close at P32.65 each. — VVS