Aboitiz Power Corp. (AboitizPower), the energy investment arm of the Aboitiz Group, is set to raise up to P30 billion from its initial bond offering after the Securities and Exchange Commission (SEC) approved its debt securities program.

The regulator stated on Friday that the Commission En Banc had resolved to render effective the company’s registration statement as of 10 June, covering the shelf registration of up to P100 billion in fixed-rate bonds, subject to compliance with specific remaining requirements.

For the first tranche, AboitizPower will offer up to P20 billion in fixed-rate bonds, with an oversubscription option of up to P10 billion.

P29.64B seen generated

Assuming the oversubscription option is fully exercised, the company is expected to net up to P29.64 billion from the offer. Proceeds will be used for the refinancing and early redemption of AboitizPower’s existing debt.

The offering period will run from 23 to 27 June, with the bonds to be listed on the Philippine Dealing and Exchange Corp. on 7 July, based on the company’s latest submitted timeline.

BDO Capital & 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. will serve as joint issue managers and joint lead underwriters.

AboitizPower has over 1,000 megawatts (MW) of renewable projects in the pipeline and aims to add 3,600 MW more to reach a 9,200-MW portfolio by 2030, with at least half of the total coming from clean energy.