SEC green-lights AboitizPower's P100B bond program
The Securities and Exchange Commission (SEC) has approved Aboitiz Power Corp.'s P100-billion bond program, allowing the energy firm to raise funds for refinancing existing debt.
Under this approval, AboitizPower can register up to P30 billion in fixed-rate bonds through a shelf registration process, which allows future offerings without repeated registration.
The first tranche of the bond offering will take place from June 23 to 27, with listing on the Philippine Dealing and Exchange Corp. scheduled for July 7.
Philippine Rating Services Corp. recently gave AboitizPower's bond offer a triple-A credit rating with a stable outlook, indicating an 'extremely strong capacity' to meet financial obligations.
Seven financial institutions have been designated as joint issue managers and lead underwriters for this initial P30-billion offering, including BDO Capital, First Metro Investment Corp., Union Bank of the Philippines, China Bank Capital Corp., Land Bank of the Philippines, PNB Capital, and Security Bank Capital.
This comes amid expectations that the Bangko Sentral ng Pilipinas will ease its monetary policy, making fixed-income securities more attractive to investors.
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