AboitizPower to redeem P2.5-B bonds three years ahead of maturity – BusinessWorld Online
LISTED power generator Aboitiz Power Corp. (AboitizPower) will redeem P2.5 billion worth of fixed-rate retail bonds this month, three years earlier than their 2028 maturity.
In a regulatory filing on Thursday, AboitizPower said its board of directors approved the early redemption of its ten-year Series C bonds issued in 2018, which carry an annual interest rate of 8.6091%.
The company said it will fully prepay the bonds using proceeds from its retail bond issuance earlier this year.
BDO Unibank, Inc.-Trust and Investment Group and the Philippine Depository and Trust Corp. were tapped as trustee and paying agent, respectively, to issue the redemption notices and compute amounts due to bondholders.
In July, AboitizPower raised up to P30 billion from fixed-rate retail bonds, proceeds of which were earmarked for refinancing obligations.
The offer consisted of P20 billion in retail bonds with an oversubscription option of up to P10 billion, the first tranche of its P100-billion bond program.
AboitizPower is targeting 9,200 megawatts of attributable net sellable capacity by 2030, split evenly between renewable and thermal sources.
The company held a 23.86% share of the national grid as of July, according to the Energy Regulatory Commission. — Sheldeen Joy Talavera
