Philippines’ Aboitiz Power offers PHP 8 billion 3.8224% five-year bonds

By Marisa Wong

Los Angeles, March 3 – Aboitiz Power Corp. launched an offering of five-year fixed-rate bonds, according to a 17-C filing with the Securities and Exchange Commission.

The offering size is PHP 8 billion, which includes an oversubscription option.

The bonds will carry a coupon of 3.8224%.

The public offer period began on March 2 and will end on March 8. The bonds are expected to be issued on March 16.

This is the first tranche under Aboitiz Power’s PHP 30 billion fixed-rate retail bond program. Philippine Rating Services Corp. has assigned a rating of PRS Aaa to the bonds.

Proceeds will be used to refinance corporate debt and for other general corporate purposes, as previously announced.

The power generation company is based in Taguig City, Philippines. It is a subsidiary of Aboitiz Equity Ventures, Inc.

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