Aboitiz seeks green light to issue P 9.55B in retail bonds

Aboitiz Power Corp. is seeking the green light for the issuance of up to P9.55 billion in retail bonds, which would be the fourth tranche in a P30-billion package registered with the Securities and Exchange Commission. AboitizPower said this latest installment was expected to be issued in a series or two, during the second or third quarter this year. They are intended to be listed with the Philippine Dealing and Exchange Corp.

“The proceeds of the bonds will be used to reimburse equity infusions into AA Thermal Inc., to fund succeeding infusions into AA Thermal, and to fund equity infusions into Therma Power Inc. in relation to the construction of the [1,338-megawatt] super critical coal-fired power plant of GN Power Dinginin Ltd. Co.,” the company said.

For this exercise, the Aboitiz group’s energy platform appointed as joint issue managers BDO Capital and Investment Corp. and First Metro Investment Corp.

These two, along with China Bank Capital Corp., were also engaged as joint lead underwriters while BDO Unibank Inc. Trust and Investments Group was tapped as the trustee.

Last year, AboitizPower completed the $597.2-million acquisition of a 60-percent economic stake (49 percent voting stake) in AA Thermal Inc. from Arlington Mariveles Netherlands Holding BV, an affiliate of the Ayala group’s AC Energy Inc.The AA Thermal platform consists of AC Energy’s limited partnership interests in GNPower Mariveles Coal Plant Ltd. Co. and in GNPower Dinginin Ltd. Co. where AboitizPower— through Therma Power Inc.—already holds direct partnership interests.

According to AboitizPower, the acquisition was in line with its goal of building a portfolio with 4,000 MW of net attributable capacity by 2020, through its “balanced mix” strategy. INQ