Aboitiz Equity Ventures, Inc. Lists PhP 8 Billion Fixed Rate Bonds due 2020 and 2023 on PDExPosted on: November 28, 2013
Makati, Philippines, 26 November 2013, Tuesday – The Philippine fixed income market community welcomed another new issuer into the marketplace as Aboitiz Equity Ventures, Inc. (AEV) listed its PhP 8 billion bonds due 2020 and 2023 on the PDEx organized market last November 21.
AEV’s listed securities, the P6.2-billion seven-year bonds and P1.8-billion ten-year bonds carry a fixed interest rate of 4.4125% and 4.6188% per annum respectively. The P8-billion bonds have been given the highest PRS Aaa rating by Philippine Rating Services Corporation. Obligations rated PRS Aaa means the firm’s capacity to meet its financial commitment on the obligation is extremely strong.
Proceeds of the offer will be used to replenish its working capital, for payment of short-term obligation, and for planned investments and other general corporate purposes.
Aboitiz Equity Ventures, Inc. is the public holding and management company of the Aboitiz Group, which is consistently recognized in international surveys of Asian companies as one of the Philippine’s best conglomerates. Its core businesses, conducted through its various Subsidiaries and associates, include power distribution, generation, and retail electricity supply, financial services, food manufacturing, real estate, and portfolio investments.
AEV Senior Vice President, Chief Financial Officer, and Corporate Information Officer Stephen G. Paradies said, “We are very happy with the results of the bond offering, having raised a total of P8bn in two tranches, with 7-year and 10-year tenors. And we want to recognize and thank the different members of the team that contributed to the success of this retail bond issue.”
“We decided a few months ago that the time was right to do this bond offering, to fund the many projects we have decided to pursue, as well as to be ready to handle one or more of the PPP projects that we will be bidding for very soon,” he added.
This listing ceremony marked the second time PDS Group shared the platform with an Aboitiz Company. It was in 2011 when PDEx hosted the bonds of a leader in the Philippine hydroelectric power generation, the Aboitiz Power Corporation. It was the first time to have a listed corporate issuer based outside Metro Manila.
For his part, PDEx Chairman and CEO Cesar B. Crisol said in his welcome remarks, “With this listing, “Team Aboitiz” again demonstrates its unwavering commitment to a vision for the domestic capital market. Your dedication to our shared goal, to offer a growing list of investment alternatives for investors, contributes to reaching our full potential as a marketplace. With that, we can look to the future with much optimism and confidence.”
The event was held at the PDS Group Office at The Enterprise Center, Makati City and was graced by AEV directors led by SVP/CFO/CIO Stephen G. Paradies together with SVP-Group Treasurer Gabriel T. Manalac.
Representatives from the issue’s underwriters were also in attendance, including Issue Manager and Lead Underwriter, First Metro Investment Corporation (FMIC) President Roberto Juanchito T. Dispo and FMIC Senior Vice President Justino Juan R. Ocampo, and Co-Manager, China Banking Corporation First Vice President – Investment Banking Group Head Virgilio O. Chua. #