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AboitizPower redeems P3.4-billion bonds earlier than maturity

Aboitiz Power Corp. said on Tuesday that it redeemed and fully paid P3.4 billion worth of bonds from its outstanding securities issued in 2014 earlier than their intended maturity date.

“[The company] confirms full payment of its twelve-year 2014 Series ‘B’ Bonds maturing in 2026, amounting to P3.4 billion,” the listed power company said in a regulatory filing. “The payment was made through the Philippine Depository & Trust Corp. on Sept. 10, 2021.”

The bonds will cease to be listed on the Philippine Dealing & Exchange Corp. following the early redemption.

The firm did not provide more details on why it decided to redeem the bonds before their maturity.

On July 30, AboitizPower notified the trustee of the bondholders BPI Asset Management and Trust Corp. of its intention to redeem the whole of the outstanding Series B bonds issued on Sept. 10, 2014.

In a prior trust agreement with BPI Asset Management, the firm said that as issuer, it can choose to wholly redeem any series of the outstanding Series B bonds starting on the seventh year of their issuance.

The firm is the listed holding company for the Aboitiz group’s investments in power generation, distribution, retail electricity and other related services.

Last month, AboitizPower announced that it was allocating P190 billion to develop 3,700 megawatts of new renewable energy projects in the next decade. The investment will help the firm achieve its goal of beefing up its “Cleanergy” portfolio, which is expected to comprise a bigger share or 50% of its power generation portfolio by 2030.

AboitizPower shares at the local bourse inched down by 0.17% or five centavos to finish at P28.80 each on Tuesday. — Angelica Y. Yang

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