Aboitiz Power Corporation will fully prepay this month the P2.5 billion worth of 10-year fixed-rate retail bonds it issued in 2018, after the company secured new capital.

In a disclosure with the Philippine Stock Exchange (PSE) Thursday, AboitizPower said the early redemption was approved by its Board of Directors during its meeting Wednesday.

“AboitizPower is coordinating with BDO Unibank, Inc.-Trust and Investments Group and the Philippine Depository and Trust Corporation (the Trustee and Registrar/Paying Agent, respectively, for the 2018 Series C Bonds) for the issuance of the corresponding notices and the computation of the amounts due to the bondholders of the 2018 Series C Bonds,” it said.

The company has several power projects in various parts of the country, and to date, six renewable energy (RE) projects and a coal plant expansion are set to be finished by next year.

The debt paper has an annual interest rate of 8.5091 percent, and is part of its P30-billion Shelf Registration Debt Program.