AboitizPower begins last tranche of retail bonds offer

Aboitiz Power Corp. yesterday kicked off the offer period for its P12 billion worth of fixed-rate retail bonds, the third tranche of a P30-billion package registered with the Securities and Exchange Commission (SEC).

AboitizPower said in a statement the latest and final instalment consisted of a principal amount of P7 billion and an oversubscription option of up to P5 billion.

The offer period closes on Oct. 4 and the bonds will be issued on Oct. 14. The debt paper is intended for listing on the Philippine Dealing & Exchange Corp.

“The bonds received an issue credit rating of ‘PRS Aaa’ with a ‘stable’ outlook from the Philippine Ratings Services Corp. [last] Aug. 30,” AboitizPower said.

For joint issue managers, the company engaged BDO Capital & Investment Corp. and First Metro Investment Corp.

These two, along with China Bank Capital Corp., SB Capital & Investment Corp. and PNB Capital & Investment Corp., were also tapped as joint bookrunners and lead underwriters.

The Aboitiz group’s power generation platform secured the SEC’s green light for the P30-billion package in 2017.