Conglomerate Aboitiz Equity Ventures Inc. said Friday its board approved the issuance P12.1-billion worth of fixed-rate bonds.
AEV said in a disclosure to the stock exchange it would issue P7.55 billion worth of fixed-rate bonds, the balance from its P30-billion bond shelf registration program approved by the Securities Exchange Commission in 2019.
The board of AEV also approved the filing of a fresh P30-billion bond shelf registration program with the SEC, with P4.55 billion as initial offering.
AEV plans to issue the bonds in the fourth quarter, subject to market conditions. It intends to list the bonds at Philippine Dealing & Exchange Corp.
BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp. and First Metro Investment Corp. are the joint issue managers, joint bookrunners and joint lead underwriters for the offering.
AEV budgeted P69 billion in 2022 capital expenditures, 152 percent higher than P27 billion it utilized in 2021 to fund the growth plans for the group.
The group’s infrastructure business units has the biggest share of the 2022 budget, with P29 billion capital spending, up 337 percent from last year’s actual spending.
Power unit Aboitiz Power Corp. is spending P28 billion this year for the development and construction of various solar power, hydro power and battery energy-storage systems and the continuous improvement of the reliability of baseload plant.
AEV also has investments in banking, food and real estate sectors.
Total listings at PDEX reached P370 billion so far this year, close to the all-time high of P387.8 billion recorded in 2020.
Pipeline bond listings include P8 billion from Cebu Landmasters Inc. and P10 billion from AC Energy Corp.