Aboitiz Power unit to raise P19B from notes issue

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.