APC readies P12-B bond offer

AboitizPower Corp. is seeking the approval of the Securities and Exchange Commission (SEC) for a bond offer of up to P12 billion.

The planned issuance would be the third tranche of a P30-billion debt securities program the power firm had earlier filed with the SEC.

AboitizPower said proceeds from the offering would be used to pay its short-term loan obligations and for general corporate purposes.

Expected to be made available to the general public in the fourth quarter this year through a listing at the Philippine Dealing and Exchange Corp., the third tranche would consist of a primary offer of up to P10 billion and an oversubscription option of up to P2 billion.

The company appointed BDO Capital & Investment Corp. and First Metro Investment Corp. as joint issue managers. The two will also serve as joint lead underwriters alongside China Bank Capital Corp., SB Capital Investment Corp., and PNB Capital & Investment Corp. BDO Unibank Inc. Trust and Investments Group was named trustee.

Earlier this month, SM Prime Holdings Inc. has signed up for up to 110 megawatts from AboitizPower for 15 of its malls and other facilities as it pushes for greater reliance on retail electricity suppliers.

An initial 50 MW is already available, which will then be ramped up with increments of 30 MW as SM Prime’s portfolio of properties expand and its power requirements rise.

Nestlé Philippines Inc. also now sources a total of 17 megawatts for its various factories from AboitizPower.