ABOITIZ Power Corp. said on Thursday that it had asked with the Securities and Exchange Commission (SEC) to approve the listed energy firm’s issuance of up to P12-billion worth of fixed-rate bonds.
The issuance forms the second tranche of its P30-billion securities under its shelf registration program.
In its disclosure, AboitizPower said the second tranche is expected to be issued in the fourth quarter in one or two series, and is intended to be listed with the local debt market.
“The proceeds of the bonds will be used to refinance the 2020 Series E Bonds maturing in 2022, partially fund the equity contributions for the construction of the 74-MW (megawatt) solar power plant in Pangasinan province, general corporate purposes, and other future renewable projects,” the company said.
It has appointed BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp., and Security Bank Capital Investment Corp. as the joint issue managers, joint lead underwriters, and joint bookrunners of the issuance. It has also assigned BDO Unibank, Inc.–Trust and Investments Group to be the trustee.
Last week, the company’s board of directors gave the green light for the issuance of the second tranche of its P30-billion bond issuance.
AboitizPower hopes to ramp up its renewables portfolio as it is looking at spending P190 billion to develop 3,700 megawatts of new renewable energy projects by 2030. The investment will scale up the firm’s “Cleanergy” portfolio which it hopes will comprise a larger share of 50% of its power generation mix in the next decade.
Cleanergy is AboitizPower’s brand of clean and renewable power.
The company is the listed holding firm for the Aboitiz group’s investments in power generation and distribution, retail electricity and other related services.
AboitizPower shares at the local bourse improved 4.03% or P1.20 to finish at P31 apiece on Thursday. — Angelica Y. Yang