SEC approves Aboitiz’s P25-B bond issue


Listed holdings firm Aboitiz Equity Ventures has obtained approval from the Securities and Exchange Commission (SEC) to issue fixed-rate retail bonds to raise P25 billion.

In a disclosure posted on the Philippine Stock Exchange website, Aboitiz said bonds will be issued in two or more tranches, with an initial P24 billion set for this year, and the remaining P1 billion to be issued under shelf registration. This type of public offering allows the issuer to offer and sell securities to the public under a single prospectus for multiple, undefined future offerings.

“Twenty Four Billion Pesos, with no oversubscription option will be issued in 2015, while the remaining balance equivalent to One Billion Pesos shall be lodged under a shelf regulation and may be used in future tranches,” Aboitiz said in the disclosure.

The public offer commenced July 28 and will end at 12:00 pm on July 31.

The Philippine Rating Services Corp. had given the bonds the highest possible rating of “PRS Aaa.”

BPI Capital Corp. has been chosen as issue manager, while the BPI Asset Management and Trust Group will serve as trustee, and the Philippine Depository and Trust Corp. (PDTC) will act as registrar of the bonds.

Aboitiz also appointed BPI Capital, along with First Metro Investment Corp., as joint lead underwriters of the transaction.

Co-lead underwriters are BDO Capital Investment Corp., China Banking Corp. and Development Bank of the Philippines. Other participating underwriters are the
Land Bank of the Philippines, RCBC Capital Corp. and United Coconut Planters Bank.

Aboitiz said it intends to list the bonds on the Philippine Dealing and Exchange Corp.


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