AboitizPower to redeem P2.5-B bonds way ahead of schedule

Aboitiz Power Corp., the country’s top power producer, is set to redeem P2.5 billion worth of fixed-rate retail bonds this month, three years ahead of their maturity date in 2028.

- By BRIX LELIS

This follows the board of directors’ approval of the early redemption option for the company’s outstanding ten-year Series C bonds issued in 2018 with a fixed interest rate of 8.5091 per annum.

AboitizPower said the Series C bonds will be redeemed using the proceeds from the retail bonds issued earlier this year.

The company is engaging BDO Unibank Inc.—Trust and Investments Group and the Philippine Depository and Trust Corp. to issue the notices and compute the amounts payable to the Series C bondholders.