• Aboitiz Power unit to raise P19B from notes issue

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    SN Aboitiz Power-Magat Inc., a joint venture between Aboitiz Power Corp. and its Norwegian partner, is raising P19 billion from the issuance of fixed-rate corporate notes to refinance its maturing debt obligations.

    In a disclosure to the Philippine Stock Exchange on Monday, Aboitiz Power said its unit SN Aboitiz has signed a notes facility agreement with the Bank of the Philippine Islands (BPI) and China Banking Corp. for the issuance of P19 billion worth of fixed-rate corporate notes.

    BPI and China Bank will serve as initial noteholders.

    “The proceeds of the notes will be used by the company to, among others, repay its existing loans, finance its recapitalization and fund other general corporate purposes,” the company said.

    BPI’s Asset Management and Trust Group was appointed facility agent while BPI Capital Corp. is the mandated lead arranger and bookrunner. China Bank Capital Corp. serves as joint lead arranger for the transaction.
    Earlier, SN Aboitiz announced plans to increase its current capacity by 300-500 megawatts (MW) to bring the company’s portfolio capacity to 1,100 MW.

    The company has four power plants and complexes in its portfolio: a 390-MW hydroelectric power plant complex in Alimit, Ifugao; the 360-MW Magat hydroelectric power plant between Ramon, Isabela and Alfonso Lista, Ifugao; the140-MW Ambuklao-Binga power plant; and the 8.5-MW Maris South Canal hydroelectric power plant in Isabela, which is currently in development.

    SN Aboitiz Power is a joint venture between AboitizPower and Norway-based SN Power AS and is engaged in power generation, particularly in the hydroelectric segment.

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