PDEx clears AboitizPower’s P10-B bonds listing

ABOITIZ Power Corp. on Thursday said it was allowed by The Philippine Dealing & Exchange Corp. (PDEx) to list its P10-billion fixed-rate retail bonds with oversubscription, the final tranche of its P30-billion debt securities program.

In a disclosure to the exchange, the power company said the approval will open the secondary market trading of its Series “D” bonds with a fixed interest rate of 5.3066% per annum maturing in 2027, and the Series “E” bonds with a fixed interest rate of 5.7388% per annum maturing in 2029.

The firm earlier said the proceeds from the bond offering will be used to refinance current and future renewable energy projects, while it targets to expand its portfolio with 50% renewable energy and 50% thermal energy by 2030.

BDO Capital & Investment Corp., China Bank Capital Corp., and First Metro Investment Corp. are the joint issue managers; while BDO Capital, First Metro, and Security Bank Corp. are the joint lead underwriters and joint bookrunners.

AboitizPower recently reported a consolidated net income of P20.8 billion for 2021, higher by 66% than the earlier year’s profit, on the back of commissioning revenues and higher dispatch at the wholesale electricity spot market.

For the fourth quarter alone, AboitizPower reported a consolidated net income of P5.2 billion, down 8% year on year.

At the local bourse, the company’s shares dropped 15 centavos or 0.44% to close P34.15 apiece on Thursday. — Marielle C. Lucenio