By Jennifer Chiou
New York, April 30 - Aboitiz Power Corp. announced the issue of a total of PHP 3 billion of securities in its oversubscribed domestic offering of fixed-rate retail bonds, which accrue interest at 8% for the three-year tranche and 8.7% for the five-year tranche.
The issue includes PHP 2.29 billion of 8.7% bonds due April 30, 2012 and PHP 705.58 million of 8% bonds due May 1, 2014.
It was upsized from PHP 1.5 billion through exercise of the PHP 1.5 billion greenshoe.
The offering period began on April 15 and ran through April 24.
The joint lead managers are BDO Capital & Investment Corp., BPI Capital Corp., First Metro Investment Corp. and ING Bank NV, Manila Branch.
In January, the company said the proceeds of the offering will be used to partially finance the 40% down payment for the company's acquisition of the Tiwi-Makban geothermal facilities.
Aboitiz Power is a holding company based in Cebu City, the Philippines, that owns hydroelectric power generation facilities and thermal plants.
Issuer: Aboitiz Power Corp.
| Issue: | Fixed-rate retail bonds
|
| Total amount: | PHP 3 billion (including greenshoe exercise)
|
| Greenshoe: | PHP 1.5 billion
|
| Managers: | BDO Capital & Investment Corp., BPI Capital Corp., First Metro Investment Corp. and ING Bank NV, Manila Branch.
|
| Pricing date: | April 15
|
| Settlement date: | April 30
|
|
|
| Three-year bonds
|
| Amount: | PHP 705,580,000
|
| Maturity: | May 1, 2014
|
| Coupon: | 8%
|
|
|
| Five-year bonds
|
| Amount: | PHP 2,294,420,000
|
| Maturity: | April 30, 2012
|
| Coupon: | 8.7%
|
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