Philippines-based Aboitiz Power Corporation, a power generation and distribution company,
will issue fixed-rate retail bonds of up to PHP12 billion in the fourth quarter of 2021. Proceeds from the issue will be used for refinancing purposes and future renewable energy (RE) projects. The company has received board approval to issue the second tranche of the PHP30 billion bonds that were registered with the Securities and Exchange Commission (SEC) of the Philippines under the shelf registration programme in March 2021.
The company is currently finalising the final issue amount, interest rate, offer price, tenors, and other terms and conditions of the bonds. Proceeds from the sale will be used to finance the firm’s target of increasing its attributable net sellable capacity to 9,200 MW by 2030, with 4,600 MW coming from various RE developments.