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Aboitiz Power to raise nearly $230M USD for ongoing projects

Mount Apo, Philippines (source: flickr/ Ed-meister, creative commons)
Francisco Rojas 19 Jun 2014

As previously reported in our website, Aboitiz Power is investing in other projects in the Philippines, and has recently been awarded exploration rights near Mt. Apo.

In a recent news piece from a local business source, Aboitiz Power Corp. is planning to raise as much as P10 billion or  $230M USD for ongoing projects via retails bonds. Aboitiz said yesterday its board of directors approved the issuance of fixed rate retail in bonds one or more tranches.

The money raised will be used to replenish working capital, partially fund ongoing projects, and serve other general corporate purposes. The same source details that “the bond shall be issued in scripless form in minimum denominations of P50,000 ($1,150 USD) each, and in multiples of P10,000 ($2,300 USD) thereafter,” the firm added. BPI Capital Corp. was tapped as lead arranger and underwriter of the bonds issuance.

As previously reported in our website, Aboitiz Power is investing in other projects in the Philippines, and has recently been awarded exploration rights near Mt. Apo, with the aim of increasing its power generation capacity by about 2,000 megawatts (MW) over the next five years.

Source: Malaya Business Insight Website