MANILA, Philippines — Aboitiz Power Corp. has fully redeemed its 2018 fixed-rate retail bonds ahead of its maturity schedule.
In a stock exchange filing, AboitizPower said it has prepaid its 5.25-year fixed-rate retail bonds issued on Oct. 25, 2018, with an aggregate principal amount of P7.7 billion.
The retail bonds were supposed to mature in January 2024.
AboitizPower said the prepayment was made through the Philippine Depository & Trust Corp. on Oct. 25.
The company earlier expressed plans to prepay its 2018 Series B bonds at an optional redemption price of 100.25 percent of their face value on October 25, 2022.
AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services.
It is one of the largest power producers in the country, with a balanced portfolio of assets located across the country.
The company is a major producer of Cleanergy, its brand for clean and renewable energy, with several hydroelectric, geothermal, and solar power generation facilities.
It also has thermal power plants in its generation portfolio to support the country’s baseload and peak energy demands.
The firm also owns distribution utilities that operate in high-growth areas in Luzon, Visayas, and Mindanao, including the country’s second and third-largest private utilities.
AboitizPower plans to spend around P190 billion over the next decade for an additional 3,700 megawatts (MW) under its Cleanergy portfolio.
The investments are expected to help address the market’s growing demands and contribute to managing climate-related risks.