By Danessa Rivera (The
Philippine Star) | Updated October 11, 2016 - 12:00am
MANILA, Philippines - SN Aboitiz
Power-Magat Inc. (SNAP-Magat), a unit of Aboitiz Power Corp., is raising P19
billion from corporate notes with two local banks to pay off debts and finance
general corporate purposes.
AboitizPower disclosed yesterday
SNAP-Magat has signed a notes facility agreement Bank of the Philippine Islands
(BPI) and China Banking Corp. to issue P19-billion fixed rate corporate notes.
“The proceeds of the notes will be
used by SNAP Magat to, among others, repay its existing loans, finance its
recapitalization and fund other general corporate purposes,” it said.
SNAP Magat also appointed BPI-Asset
Management and Trust Group as facility agent and BPI Capital Corp. as mandated
lead arranger and bookrunner.
On the other hand, China Bank
Capital Corp. acted as joint lead arranger for the transaction.
SN Aboitiz Power-Magat, Inc., a
joint venture between AboitizPower and SN Power AS of Norway, is owner and operator
of the 360-MW Magat Hydroelectric Power Plant located at the border between
Ramon, Isabela and Alfonso Lista, Ifugao after a successful bid for the plant
under the Philippine government’s power sector privatization program in
December 2006.
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