Aboitiz Power Corporation listed PhP 10.2 Billion Fixed Rate Bonds Series B Due 2024 and Series C Due 2028 on PDEx, the second tranche of its PhP 30 Billion Shelf Registration Debt Program.
AboitizPower in July last year issued PhP 3 billion 10-year fixed rate bonds to finance the equity infusion in GNPower Dinginin Ltd. Co. For this recent issuance, the company plans to use the proceeds to fund potential acquisitions, future investments, and refinance existing debt.
With these issues, the Aboitiz Group’s total outstanding face amount of bonds listed shall stand at PhP 58.2 Billion representing 6% of the total face amount of PhP 966 Billion corporate bonds listed on PDEx, and bring the year-to-date total of new listings to PhP 174.3 Billion.
PDEx President and COO Antonino Nakpil commended AboitizPower’s leadership in green bond initiatives. “The Aboitiz Group’s activities are certainly a worthwhile use of Philippine investors’ resources. And investors by far have established their segment’s constant and stable secondary market demand for fixed income instruments, where the Inter-dealer activity has fallen to a mere 37% of total activity, and investor related executions account for 63% of the secondary market,” Mr. Nakpil said.
“By raising funds for AboitizPower, we are able to give our investors a chance to be part of a growth story they believe in. The outcome has been reassuring. Despite market volatility, our base offer is fully subscribed. This enables us to further our brand promise of advancing business and communities,” said AboitizPower Chief Financial Officer Liza Luv T. Montelibano.
This 21st listing for the year was attended by Aboitiz Equity Ventures, Inc. Senior Vice President and Group Treasurer Gabby Mañalac and the Issue Participants including BDO Capital and Investment Corporation First Vice President Jose Eduardo Quimpo II, BPI Capital Corporation Managing Director Franz Bonoan, United Coconut Planters Bank First Vice President Arturo Lipio Jr., SB Capital Investment Corporation President Noel Dayrit, First Metro Investment Corporation Vice President Peter Bautista, BDO Trust and Investments Group Vice President Michael Munsayac, and BDO Unibank, Inc. Executive Vice President Cecil Tan.