The Lopez-owned Energy Development Corp. yesterday signed a six-year US$175 million syndicated term loan to refinance its debts.
EDC disclosed to the Philippine Stock Exchange that the loan was arranged by a group of local and international banks.
Mandated lead arrangers and bookrunners of the transaction are Australia and New Zealand Banking Group Limited, The Bank of Tokyo-Mitsubishi UFJ Ltd., Chinatrust Commercial Bank, ING Bank NV, Maybank Group, Mizuho Corporate Bank Ltd. and Standard Chartered Bank.
EDC said ANZ acted as sole coordinator and documentation bank.
"The new facility shall effectively refinance EDC’s existing $175 million transferable syndicated term loan facility maturing June 17, 2013. EDC expects to achieve closing by end-June 2011," the company said.
EDC has also secured a $75-million long-term loan from the International Finance Corp., the private sector investment arm of the World Bank group.
The 15-year loan facility will be used to fund the company’s medium-term capital expenditure program.
EDC is currently the largest producer of geothermal energy in the Philippines to date, accounting for 62 percent of the total country installed geothermal capacity. It is an affiliate of Lopez-controlled First Gen Corporation.*PNA