Aboitiz Power Plans Public Offering of Bonds for USD40.2 Million

Published: May 17 2017
Deal Summary

Aboitiz Power Corporation (Aboitiz Power), a holding company that operates privately-owned generation companies and distribution utilities and a subsidiary of Aboitiz Equity Ventures Inc, intends to issue bonds for gross proceeds of PHP2,000 million (USD40.22 million) in public offering. The bonds will have a maturity period of 10 years.

In addition, the company intends to grant the investors an oversubscription option of up to PHP1,000 million (USD20.11 million). Philippine Rating Services Corporation (PhilRatings) said it has assigned its highest Issue Credit Rating of PRS Aaa, with a Stable Outlook for the bonds.

The company intends to use the proceeds to finance an investment into a company partly-owned by AboitizPower.

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