Philippines' Aboitiz Power to redeem fixed-rate bonds due 2014 at 102

By Marisa Wong

Madison, Wis., March 28 - Aboitiz Power Corp.'s board of directors approved the early redemption of the company's five-year peso-denominated fixed-rate bonds issued in 2009, according to a 17-C filing with the Philippines Securities and Exchange Commission.

Aboitiz will redeem the bonds on April 30 at 102 plus accrued interest to the redemption date. The bonds currently have a coupon of 8.7%.

According to the filing, the early redemption of the five-year bonds coincides with the final payment of the company's three-year fixed-rate bonds due April 30, 2012.

Aboitiz is a Cebu City, Philippines-based holding company that owns hydroelectric power generation facilities and thermal plants.

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