ABOITIZ Power Corp. listed P10.2 billion fixed rate bonds Series B Due 2024 and Series C Due 2028 on the Philippine Dealing and Exchange Corp. (PDex), the second tranche of its P30-billion shelf registration debt program.
AboitizPower in July last year issued P3 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 will stand at P58.2 billion, representing six percent of the total face amount of P966 billion corporate bonds listed on PDEx, and bring the year-to-date total of new listings to P174.3 billion.
PDEx president and chief operating officer 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 percent of total activity, and investor related executions account for 63 percent of the secondary market,” 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 Corp. first vice president Jose Eduardo Quimpo II, BPI Capital Corp. managing director Franz Bonoan, United Coconut Planters Bank first vice president Arturo Lipio Jr., SB Capital Investment Corp. president Noel Dayrit, First Metro Investment Corp. vice president Peter Bautista, BDO Trust and Investments Group vice president Michael Munsayac and BDO Unibank Inc. executive vice president Cecil Tan. (PR)