The Aboitiz Group’s power generation company has completed the issuance of its PhP 10 billion fixed rate retail bonds. The bonds were well received by both institutional and retail investors during the offer period and the order book was 2.4 times oversubscribed. The debt papers were issued simultaneously in two series: the Series A bonds due in 2021 with a fixed interest rate of 5.205 per cent per annum, and the Series B bonds due in 2026 with a fixed interest rate of 6.1 per cent per annum. The bonds will be listed on the Philippine Dealing & Exchange Corporation. BPI Capital Corporation acted as sole issue manager and lead underwriter for the transaction. BDO Capital and Investment Corporation, First Metro Investment Corporation, and the Land Bank of the Philippines acted as co-lead underwriters, while the China Banking Corporation and PNB Capital and Investment Corporation acted as participating underwriters to the issue. The proceeds from the bond issue will be used to replenish working capital and partially fund ongoing projects, and be used for other general corporate purposes.
