THE Philippine Dealing & Exchange Corp. (PDEx) has given the green light to Aboitiz Equity Ventures, Inc. (AEV) to list the third tranche of its retail bonds worth 10 billion pesos, including oversubscriptions, the holding company said on Monday. listed.
In a regulatory filing, AEV said the third tranche was part of its registered bonds, which are cumulatively valued at 30 billion pesos.
“The PDEx approval paves the way for bond trading in the secondary market,” the company said.
The bonds will be issued in two series, namely: series “E” with a fixed interest of 3.2977% per annum maturing in 2025, and series “F” with a fixed interest of 4.1018% per annum maturing in 2028.
The Aboitiz-led company said earlier that the offer for the third tranche of its debt securities was a principal amount of 5 billion pesos, with an over-subscription option of up to 5 billion pesos.
Last month, the corporate regulator cleared the third tranche of AEV by issuing the company with a certificate of authorization to offer the securities for sale.
In a disclosure filed in June, the company said the proceeds from that tranche would be used to repurchase some of its outstanding bonds, fund future needs of Aboitiz InfraCapital, Inc. and for other general purposes.
Philippine Local Debt Monitor Rating Services Corp. issued a “PRS Aaa” rating for bonds, noting that the securities present minimal credit risk and that the company has an “extremely strong” capacity to meet its financial commitments.
AEV holds investments in electricity, banking and financial services, food, infrastructure and land.
The company previously reported a 159% year-over-year increase in its second-quarter consolidated net profit to 4.9 billion pesos, amid higher contributions from its business segments.
Shares of AEV on the local exchange fell 1.36% or 55 centavos to close at P40 each on Monday. – Angelique Y. Yang