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Manila Bulletin devider Business devider The Stock Market devider SEC approves AboitizPower's ₱100-billion bond registration, ₱30-billion offering

SEC approves AboitizPower's ₱100-billion bond registration, ₱30-billion offering

Published Jun 13, 2025 11:03 am
The Securities and Exchange Commission (SEC) has approved the shelf registration of Aboitiz Power Corp.’s (AboitizPower) ₱100-billion worth of fixed rate bonds and its ₱30-billion offering for the first tranche.
In a statement, the SEC said the Commission en banc has considered favorably the debt securities program of AboitizPower, subject to the company’s compliance with certain remaining requirements.
For the first tranche, AboitizPower will offer up to ₱20 billion in fixed-rate bonds, with an oversubscription option of up to ₱10 billion.
Assuming the oversubscription option is fully exercised, AboitizPower is expected to net up to ₱29.64 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 & Exchange Corp. (PDEx) on July 7, according to the latest timeline submitted by the company.
The company has engaged BDO Capital and Investment Corp., First Metro Investment Corp., Union Bank of the Philippines, China Bank Capital Corp., Land Bank of the Philippines, PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. as the joint issue managers and joint lead underwriters for the offer.
Last April, Philippine Rating Services Corp. (PhilRatings) said it has assigned the highest issue credit rating of PRS Aaa, with a stable outlook, to AboitizPower’s proposed ₱30-billion bond issuance.
The ratings firm said it has also maintained its issue credit rating of PRS Aaa, with a stable outlook, for AboitizPower’s total outstanding bonds, which amount to ₱43.3 billion.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. A stable outlook indicates that the rating will likely remain unchanged in the next 12 months.
PhilRatings said it identified key considerations in assigning the rating and the corresponding outlook, including AboitizPower’s diversified portfolio with good growth prospects, its highly experienced management team, its healthy liquidity and ample coverage ratios, and the company’s sound capital structure.
AboitizPower believes that meeting the country’s power demand requires a diverse generation mix. In view of such, the company pursued more renewable energy (RE) projects alongside thermal technologies.
AboitizPower continues to invest in renewable and selective baseload developments to reduce carbon dioxide and other greenhouse gas emissions.
In the coming years, the company aims to expand its RE portfolio to a net attributable selling capacity of 4,600 megawatts (MW), with 3,700 MW coming from new RE projects.
The company allocated capital expenditures (capex) in 2025 to support these projects, including the maintenance of its baseload plants, and further investments in land, new substations, and new meters for its distribution business.

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