Published April 25, 2017, 10:01 PM By Myrna M.
Velasco
Lopez-owned First Gen Corporation
has secured $500-million debt facility to refinance outstanding obligations
still due to its 1,000-megawatt Santa Rita gas-fired power project.
The credit facility, according to
the company, has seven-year term and it was secured from six banks – namely
Bank of Commerce, Bank of Philippine Islands, BDO Unibank Inc., Philippine
National Bank, Security Bank Corporation; and Sumitomo Mitsui Banking
Corporation-Singapore Branch.
First Gen said “the proceeds of the
loan will be used to repay the amounts due on First Gas’ existing debt of
approximately $243 million.”
The company added “the net proceeds
of the refinancing will be used to pay down a portion of First Gen’s existing
loans, as well as pre-fund its upcoming maturities.”
First Gen President and COO Francis
Giles B. Puno noted the new loan facility is a testament that “our lenders
continue to be supportive of our endeavors to deliver clean and cost-efficient
power to Filipinos.”
The Santa Rita power plant is the
first gas-fired generating facility that the Lopez group developed – to take
advantage then of the development of commercial gas from the Malampaya field.
The gas business is a growing
platform for the conglomerate – with the recent capacity additions from its
414MW San Gabriel and 97MW Avion plants. Its other project is the 500MW San
Lorenzo plant.
“The natural gas platform now stands
at 2,011MW and we are working hard to deliver the country’s first LNG
(liquefied natural gas) terminal as well as more natural gas-fired power
plants,” First Gen noted.
The company is advancing plans on
the proposed onshore LNG import terminal – but this is a venture it wants to
pursue with prospective partners, including that of state-owned Philippine
National Oil Company.
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