ABOITIZ Power Corp. on Wednesday said it was allowed by the Securities and Exchange Commission (SEC) to issue the third and final tranche of its P30-billion shelf-registered fixed-rate retail bonds.
“[The company] has received the Certificate of Permit to Offer Securities for Sale dated March 2, 2022 from the SEC,” AboitizPower said in a disclosure to the exchange.
The third tranche bonds will be offered on March 3 to 9 and will be issued on March 17. It has a principal amount of up to P7 billion and an oversubscription option of up to P3 billion.
The first tranche of the company’s shelf-registered bonds was completed on March 16, 2021 while the second one was done on Dec. 2, 2021. AboitizPower intends to list the third tranche with the Philippine Dealing & Exchange Corp.
“Proceeds of the [bond offering] will be used for refinancing and/or future renewable projects,” the company earlier said.
AboitizPower targets a portfolio made up of 50% renewables and 50% thermal energy by 2030, through investing in more renewable energy projects in the country and abroad.
The energy firm appointed BDO Capital & Investment Corp., China Bank Capital Corp., and First Metro Securities Brokerage Corp. as its joint issue managers. They are also joint lead underwriters and joint bookrunners along with Security Bank Corp.
In January, the final tranche of the company received the highest credit rating with a stable outlook from the Philippine Rating Services Corp.
At the local bourse on Wednesday, AboitizPower shares went up 20 centavos or 0.56% to close at P35.65 apiece. — Marielle C. Lucenio