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AboitizPower begins public offer of P8-B retail bonds

ABOITIZ Power Corp. has started selling its five-year fixed rate bonds worth P8 billion to retail investors after its receipt of the corporate regulator’s permit to offer the securities for sale.

“The certificate of permit to offer securities for sale was issued in relation to P8 billion in aggregate principal amount, including the oversubscription option, of five-year fixed rate bonds due 2026 with an interest rate of 3.8224% per annum to be offered to retail investors,” the company said in a disclosure on Tuesday.

AboitizPower said that it had received the certificate to sell its first tranche bonds from the Securities and Exchange Commission (SEC) on Monday.

It opened the public offer on Tuesday, and the selling would end on March 8, Monday. The bonds are targeted to be issued on March 16, and would mature five years from its issue date.

The securities would be issued in scripless form in minimum denominations of P50,000 each, and in multiples of P10,000 after.

“Interest shall be paid quarterly in arrears on March 16, June 16, Sept. 16, and Dec. 16 of each year, commencing on June 16, 2021, until and including the maturity date,” AboitizPower said.

The joint issue managers, joint lead underwriters, and joint bookrunners of the first tranche are BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., and First Metro Investment Corp.

BDO Unibank, Inc.-Trust and Investments Group was assigned as the trustee, while the Philippine Depository & Trust Corp. will act as the registrar and paying agent of the bonds.

The bonds earlier received the highest rating of “PRS Aaa” from Philippine Rating Services Corp., assuring the obligor’s “extremely strong” capacity to meet its financial commitment on its obligation.

Obligations rated “PRS Aaa” are said to be of the highest quality with minimal credit risk.

On Monday, the SEC also granted an order of registration for AboitizPower’s shelf registration of debt securities of up to P30 billion.

In its disclosure, AboitizPower said that the remaining tranches of debt securities under the shelf registration program may be issued “from time to time” over the next three years, and these would be subject to market conditions and funding requirements.

Shares in AboitizPower at the local bourse inched down 2% or 0.5 centavos to close at P24.50 apiece on Tuesday. — Angelica Y. Yang

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