AboitizPower launches P30-B retail bond offer

Aboitiz Power Corp. is offering up to P30 billion in fixed-rate retail bonds to the investing public, with proceeds earmarked for repaying debts.

This is the first tranche of AboitizPower’s P100-billion retail bond program. The offer period runs from June 26 until July 4.

The first tranche covers the issuance of P20 billion worth of retail bonds, with an oversubscription option of up to P10 billion.

The bond issuance is intended to be listed on the Philippine Dealing & Exchange Corp. on July 14.

The planned offering pushed through after AboitizPower secured the order of registration and certificate of permit to offer securities for sale from the Securities and Exchange Commission.

For this round, BDO Capital & Investment Corp., First Metro Investment Corp. (FMIC), and Union Bank of the Philippines serve as joint issue managers. BDO Unibank Inc. is acting as the trustee.

BDO Capital, FMIC, UnionBank, China Bank Capital Corp., Land Bank of the Philippines, PNB Capital and Investment Corp., Security Bank Capital Investment Corp. have also been tapped as joint lead underwriters and joint book runners.

Last April, AboitizPower said that the first tranche of its bond offering received a top credit score from local debt watchdog Philippine Rating Services Corp. (PhilRatings).

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PhilRatings gave it the highest rating of PRS Aaa with a stable outlook.

A triple-A credit rating means that AboitizPower has “extremely strong capacity” to meet its financial commitments. A stable outlook, meanwhile, means that the company will likely keep its credit score in the next twelve months.

The group said the unissued portion of the bond program will be made available for investors in future tranches.

AboitizPower is in power generation, distribution and retail and distributed energy.