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By: Marvin Germo | April 1, 2020

Aboitiz Power Files Retail Bonds Offering

Aboitiz Power Corporation (AboitizPower) is waiting for the approval of the Securities and Exchange Commission for the issuance of its P9.6 fixed-rate retails bonds, which is the fourth tranche of its P30-billion bonds registered in 2017. This is placed under SEC’s shelf registration program. According to the firm, it has filed for the application and it is expecting that the bond offering will start in the second or third quarter of this year. The bonds are going to be in one or two series as what it mentioned.

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Proceeds For Infusions

According to Aboitiz Power, the proceeds of this offering will be allocated for the reimbursement equity infusions and fund succeeding infusions into AA Thermal, Inc. The bonds will be listed with the Philippine Dealing and Exchange Corporation. If you don’t have an idea of what AA Thermal does, it serves as a platform of AC Energy, Inc., which is operated by Ayala. Its shares were acquired by Aboitiz Power in 2019, which gives the firm a 49% voting stake and 60% economic interest in AA Thermal. With this information given, the firm is also looking forward to investing in Therma Power, Inc. so it can push the construction of its two 668-megawatt supercritical coal-fired power plant units with GNPower Dinginin Ltd. Co. AA Thermal has an interest in this company too.

About the Bond Offering

Aboitiz Power hasn’t disclosed the complete details of the bond offering. But, it was able to name the banks it will work with. BDO Capital & Investment Corporation and First Metro Investment Corporation will be the joint issue managers and joint lead underwriters of the said offering. It will also work with China Bank Capital Corporation and BDO Unibank, Inc. Trust & Investments Group and these banks will be its trustees. The first tranche of the bond offering was issued last July 3, 2017. The second was released on October 25, 2018. The third was out on October 14, 2019.

Aboitiz During The Pandemic

The Aboitiz group also shows its willingness to help the public during the pandemic. The corporate social responsibility arm of the Aboitiz group, Ramon Aboitiz Foundation, Inc. is coordinating with the Metropolitan Cebu Water District and the Cebu City government to start a handwashing campaign to contain the spread of COVID-19 in the area. Its partnership with the water company will allow it to provide enough water supply and clean facilities for areas that lack these supplies. For the company, this is the most effective way to combat the spread of the virus given that not all families have the capability to disinfect their own places. The foundation already raised P6 million for its humanitarian disaster preparedness and response team.

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