As a result, ABOITIZ Power Corp. has begun selling its five-year fixed-rate bonds worth P8 billion to institutional investors after having obtained approval from the corporate regulator.

On Tuesday, the company announced that the Certificate of Permit to Sell Securities for Sale was released for P8 billion in aggregate principal amount, including the oversubscription option, of five-year fixed rate bonds due 2026 with an interest rate of 3.8224 percent

AboitizPower confirmed that it had obtained the SEC’s certificate to issue its first tranche bonds on Monday.

On Tuesday, the sale was opened to the press, and the selling will finish on March 8, Monday. The bonds will be released on March 16 and will maturity in five years.

A minimum of P50,000 worth of securities per denomination will be distributed in scrip type, and in multiples of P10,000 afterwards.

In a written statement, AboitizPower said that interest payments will be rendered on a quarterly basis in arrears on March 16, June 16, Sept. 16, and Dec. 16, starting on June 16, 2021, and finishing on the maturity date.

BDO Finance & Construction Corp., BPI Capital Corp., China Bank Capital Corp., and First Metro Investment Corp.

The BDO Unibank, Inc.-Trust and Investments Division has been named as the trustee for the bond sale, while the Philippine Depository & Trust Corp. will function as the registrar and paying agent of the bonds.

Philippine Rating Services Corp. issued the earlier bonds a rating of “PRS Aaa,” affirming the obligor’s “extremely strong” capacity to fulfill its financial pledge on its duty.

These commitments are defined as “PRS Aaa” implying there is the least amount of credit danger.

On Monday, the SEC granted AboitizPower’s proposal for a shelf registry order of debt securities with a face value of up to P30 billion.

AboitizPower made the following provision in its disclosures: Tranches of the debt securities kept under the shelf registry scheme, which would be sold “from time to time” in the next three years, will be subject to market conditions and financing criteria.


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