MANILA - Aboitiz Power Corp (AboitizPower) said Tuesday its board of directors approved P30 billion fundraising through retail bonds.
The company said its first P8-billion tranche will be issued in the first quarter of 2021, which will refinance corporate debts and be used for other general corporate purposes.
The first issue will consist of a P4-billion base offer and another P4 billion for the oversubscription option.
After the issue, AboitizPower will list the bonds with the Philippine Dealing and Exchange Corporation (PDEx).
AboitizPower's parent firm Aboitiz Equity Ventures (AEV) earlier announced a P30-billion bond offering under shelf registration, around half of which were already issued through its first and second tranche of the bond sale.
AboitizPower and its partners generate some 1,200 megawatts (MW) of renewable energy from its hydro, geothermal, and solar plants. It had planned to reach 4,000 MW capacity by 2020.