AboitizPower to redeem P2.5B bonds 3 years early

Aboitiz Power Corp. (AboitizPower) will redeem P2.5 billion worth of fixed-rate retail bonds this month, three years earlier than their 2028 maturity.

The early redemption of the ten-year Series C bonds, issued in 2018, was approved by the company's board of directors.

These bonds carry an annual interest rate of 8.6091% and will be fully prepaid using proceeds from AboitizPower's retail bond issuance earlier this year.

BDO Unibank, Inc.-Trust and Investment Group and the Philippine Depository and Trust Corp. have been tapped as trustee and paying agent, respectively, for the redemption process.

In July, AboitizPower raised up to P30 billion from fixed-rate retail bonds as the first tranche of its P100-billion bond program, intended for refinancing obligations.

The company is targeting 9,200 megawatts of attributable net sellable capacity by 2030, split evenly between renewable and thermal sources.

AboitizPower held a 23.86% share of the national grid as of July.