The Securities and Exchange Commission has approved Aboitiz Power Corp.’s (AboitizPower) P100 billion debt securities program.
The SEC also approved AboitizPower’s initial bond offering of up to P20 billion in fixed-rate bonds, with an oversubscription option of up to P10 billion.
Proceeds from the offering will go toward refinancing and early redemption of the company’s existing debt.
The offer is set to run from June 23 to 27, 2025 with the bonds expected to be listed on the Philippine Dealing and
Exchange Corp. on July 7, according to the latest timeline provided by the company.
AboitizPower has enlisted eight banks as joint issue managers and joint lead underwriters for the offer: BDO Capital & Investment Corp., First Metro Investment Corp., Union Bank of the Philippines, China Bank Capital Corp., Land Bank of the Philippines, PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. The company plans to list the first tranche bonds with the Philippine Dealing and Exchange Corp.
The company, along with its partners, has set its capital expenditure budget at P78.1 billion for 2025.
“The biggest portion is still allocated for our renewable energy pipeline,” said Danel Aboitiz, AboitizPower president and chief executive.
“The remainder will fund the maintenance of our baseload plants and further investments in land, new substations, and metering for our distribution business. Despite the elevated capex budget in 2025, AboitizPower remains committed to our dividend policy of paying out half of our previous year’s net income.”
The company reported a 2 percent increase in 2024 net income, rising to P33.9 billion from P33.1 billion in 2023, despite the recognition of depreciation and interest for GNPower Dinginin Ltd. Co.’s (GNPD) Units 1 and 2.
