Monday, April 17, 2017

EDC taps loan facility for funds

By: Ronnel W. Domingo / 12:20 AM April 08, 2017

Energy Development Corp. said it had borrowed P3.5 billion from Union Bank of the Philippines to refinance existing loans.

In a statement, EDC said the facility was a fixed, 15-year amortizing loan.

Also, EDC said it had accepted $65.92 million worth of valid tenders from holders of notes carrying an interest of 6.5 percent and maturing in 2021.

Last week, EDC announced a tender offer for up to $100 million worth of debt notes as part of efforts to optimize the company’s debt maturity profile.

EDC said it was prepared to purchase up to one-third of the $300 million worth of notes which were listed on the Singapore Exchange Securities Trading Ltd.

“The offer provides opportunity to note holders to gain liquidity with respect to the notes [by tendering their notes for purchase by EDC] that might not otherwise be available to [them],” the company said.

EDC said the purchase price was set at $1,110 per $1,000 principal amount of the notes.

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