Aboitiz Power redeems bonds ahead of maturity
MANILA, Philippines - Aboitiz Power Corp., the energy unit of the Aboitiz Group, will buy back P3 billion worth of its bonds two years ahead of maturity.
“The board of directors of Aboitiz Power approved [yesterday] the early redemption of its five-year peso fixed rate bonds,” the company said in a disclosure to the stock exchange.
Aboitiz Power said it will avail of the optional redemption date for the bonds, which will mature in 2014.
The company will buy back the bonds on April 30 at a redemption price of 102 percent of the principal amount and the accrued interest of 8.7 percent per annum.
In April 2009, Aboitiz Power issued a total of P3 billion in peso-denominated fixed retail bonds. The issue was 2.5 times oversubscribed.
Proceeds from the bond sale partially funded the acquisition of the 747-megawatt Tiwi-Makban geothermal plants in Albay.
“The early redemption of the five-year bonds coincides with the final payment of the three-year peso fixed rate bonds, which is due to mature on April 30, 2012,” Aboitiz Power said.
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