Aboitiz Power Corp. said Wednesday its board approved filing a registration statement with the Securities and Exchange Commission for up to P100 billion in peso-denominated, fixed-rate retail bonds under a shelf registration program. The bonds will be issued in tranches, subject to market conditions.
AboitizPower said in a disclosure to the Philippine Stock Exchange its board approved issuing up to P30 billion in retail bonds in the second quarter.
This will include P20 billion in bonds, with an oversubscription option for another P10 billion. Proceeds will be used to refinance corporate debt and for general corporate purposes.
“Subject to market conditions, the company intends to offer the first tranche of the retail bonds to the general public during the second quarter of 2025 and to list the first tranche with the Philippine Dealing and Exchange Corporation by the third quarter of 2025,” the company said.
The AboitizPower board delegated to management the determination of the final issue amount, interest rate, offer price, tenors and other terms of the bonds, including the appointment of parties to manage the offering.
Proceeds from the first tranche will be used to refinance corporate debt and for general corporate purposes.
AboitizPower completed the third and final tranche of its P30-billion bond SEC shelf registration, amounting to P10 billion in March 2022.
The 2022 bond issuance was used to partially fund renewable energy projects and the early redemption of the 2018 Series B Bonds.
AboitizPower aims to reach 4,600 megawatts of renewable energy assets by 2030.
The company has nearly 1,000 MW of disclosed projects from various indigenous energy sources and is pursuing opportunities to grow its portfolio for solar, hydro, geothermal, wind and energy storage systems.
AboitizPower, with its partners, offers the largest renewable energy portfolio in the Philippines based on installed capacity under its operational control.
