Aboitiz Equity Ventures, Inc. (AEV) on Friday said it will exercise the early redemption of its 10-year, fixed-rate retail bonds ahead of the 2023 maturity date.
In a regulatory filing on Friday, AEV said it intends to redeem the securities, which were issued in 2013, on Nov. 21.
“Through the optional redemption, AEV will prepay the optional redemption price of 101% of the face value of the 2013 10-Year bonds, in the amount of P1.8 billion only,” the company said.
AEV said it will use existing cash to repay the bonds.
The company is coordinating with the trustee Metrobank Trust Banking Group, and the registrar and paying agent Philippine Depository and Trust Corp. to notify the bond holders and provide computations on the amount.
Earlier this month, AEV acquired P384 million worth of shares in its banking unit UnionBank of the Philippines.
In September, AEV announced plans to sell 25% of its stake in its power subsidiary Aboitiz Power Corp. to Japan’s JERA Co., Inc. for an estimated $1.463 billion.
Shares of AEV in the local bourse improved 2.32% or P1.1 to close at P48.45 apiece on Friday. — Angelica Y. Yang