APC bonds listing OKd

MANILA, Philippines—Philippine Dealing and Exchange Corp. (PDEx) on Thursday approved the listing of the P3 billion in fixed rate bonds issued by Aboitiz Power Corp., a move that will allow the secondary trading of the bonds.

In a disclosure to the Philippine Stock Exchange, APC said that the listing will be effective Friday. The peso-denominated bonds, which were issued in 2009, consisted of three-year and five-year bonds worth P705.6 million and P2.294 billion, respectively.

The three-year bonds, which have a fixed interest rate equivalent to 8 percent a year, will be due on April 30, 2012, while the five-year bonds with a fixed interest rate equivalent to 8.7 percent a year will fall due on May 1, 2014.

APC issued the bonds in 2009 to help fund the 40-percent downpayment for its acquisition of the 747.5-megawatt (MW) Tiwi-MakBan geothermal facilities in Albay, Laguna and Batangas.

Through its affiliate AP Renewables Inc., the company topped the bidding held by the government in 2008 for the power facilities, with an offer of $446.9 million.