December 11, 2017 | MANILA, PHILIPPINES

AboitizPower files for registration of P30-B bonds

ABOITIZ POWER Corp. has filed with the Securities and Exchange Commission (SEC) the registration of fixed-rate retail bonds amounting to P30 billion, the company told the stock exchange on Wednesday.


The Aboitiz-led energy company said the first tranche of the bonds, equivalent to P3 billion, will be offered to the public this year.

It added the next tranches will be issued “as the need arises.”

“Proceeds from the first tranche of the bonds will be used to finance an investment into a company partly owned by AboitizPower,” the company said.

For the first tranche, it appointed BPI Capital Corp. as the issue manager and underwriter, and BPI Asset Management and Trust Corp. as the trustee.

AboitizPower said it intends to list the bonds with the Philippine Dealing and Exchange Corp.

The company said the bonds will be under the shelf registration program of the SEC.

For 2016, AboitizPower recorded a net non-recurring loss of P612 million, down from the 2015’s loss of P762 million, mainly from foreign exchange losses after the revaluation of dollar-denominated liabilities, refinancing costs and goodwill impairment.

“Adjusting for these one-offs, its core net income rose by 12% to P20.6 billion from P18.4 billion in 2015,” AboitizPower said.

On Wednesday, shares in AboitizPower closed lower by 0.84% to P41.30 each. -- Victor V. Saulon