Conglomerate Aboitiz Equity Ventures Inc. on Thursday listed its P17.45 billion fixed-rate retail bonds at the Philippine Dealing and Exchange Corp.
The paper consists of a base offer in the principal amount of P11 billion and an oversubscription option of up to P6.45 billion.
The listing paves the way for the secondary market trading of AEV series C bonds with a fixed interest rate of 6.3402 percent per annum maturing in 2025, series D bonds with a fixed interest rate of 6.4762 percent maturing in 2028 and series E bonds with a fixed interest rate of 6.8032 percent maturing in 2033.
The bonds form part of the second and final tranche of retail bonds from AEV’s P30 billion peso-denominated fixed-rate retail bond shelf registration program in 2022.
AEV in August bared acquiring rights to bottle Coca-Cola products in the Philippines for $1.8 billion.
The company said AEV, along with Coca-Cola Europacific Partners PLC (CCEP), have entered into a non-binding letter of intent with The Coca-Cola Co., setting out the terms under which AEV and CCEP propose to acquire 100 percent ownership of Coca-Cola Beverages Philippines Inc., the local bottling unit of the soft drinks company.
The $1.8 billion is on a debt-free, cash-free basis consistent with TCCC’s intent to divest of its bottling operations, AEV said.
“If completed, the proposed acquisition would build on AEV’s portfolio diversification strategy to enter the branded consumer goods space and on CCEP’s successful expansion into the Asia-Pacific region via its acquisition of Coca-Cola Amatil in 2021,” the company said.
“AEV would be well positioned to support CCBP’s growth ambition given the synergies that can be generated from AEV’s other businesses,” it said.
The proposed acquisition of CCBP offers a great opportunity to co-acquire an established, well-run business with attractive profitability and growth prospects, the company said.
