SEC Okays Aboitiz Power’s Shelf Registration

​The Securities and Exchange Commission (SEC) has considered favorably the debt securities program of Aboitiz Power Corporation, which seeks to raise up to P30 billion for the initial offering.

​In its meeting on June 10, the Commission En Banc resolved to render effective the registration statement of Aboitiz Power covering the shelf registration of up to P100 billion in fixed-rate bonds, subject to the company’s compliance with certain remaining requirements.

For the first tranche, Aboitiz Power will offer up to P20 billion in fixed-rate bonds, with an oversubscription option of up to P10 billion.
Assuming the oversubscription option is fully exercised, Aboitiz Power is expected to net up to P29.64 billion from the offer. Proceeds will be used for the refinancing and early redemption of the company’s existing debt.

The offer will run from June 23 to 27, with the bonds to be listed on the Philippine Dealing and Exchange Corp. on July 7, according to the latest timeline submitted by the company.

The company has engaged BDO Capital & Investment Corporation, First Metro Investment Corporation, Union Bank of the Philippines, China Bank Capital Corporation, Land Bank of the Philippines, PNB Capital and Investment Corporation, and Security Bank Capital Investment Corporation as the joint issue managers and joint lead underwriters for the offer.