ABOITIZ Power Corp. on Thursday commenced the public offering of up to P20 billion in fixed-rate bonds, with an oversubscription option of up to P10 billion.
The offer comprises the first tranche of a recently approved P100-billion shelf registration.
In a disclosure, the company said that it received the needed permits from the Securities and Exchange Commission (SEC) on Tuesday.
The offer period will end on July 4 and the bonds are slated for issuance and listing on the Philippine Dealing and Exchange Corp. on July 14, 2025.
Assuming the oversubscription is fully exercised, AboitizPower is expected to net up to P29.64 billion.
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Proceeds from the issuance will be used for the refinancing and early redemption of existing corporate debt.
The bond issuance has received a credit rating of “PRS Aaa,” with a stable outlook, from Philippine Rating Services Corp. (PhilRatings), denoting that the securities being issued are of the highest quality and carry minimal credit risk.
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AboitizPower said the remaining balance of the shelf registration could be issued in future tranches.
BDO Capital & Investment Corp., First Metro Investment Corp., Union Bank of the Philippines, China Bank Capital Corp., Land Bank of the Philippines, PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. are the joint issue managers and joint lead underwriters for the offer.
Shares of AboitizPower added 40 centavos, or 1.01 percent, to close at P39.90 each on Thursday amid a 0.08-percent marginal rise for the benchmark Philippine Stock Exchange index.
