Business World Online
Posted on January 21, 2011 07:17:56 PM
LOPEZ-LED Energy Development Corp. (EDC) has obtained $300 million from a bond offering, the listed geothermal power firm told the stock exchange on Friday.
In a disclosure, the company said the successful sale of 10-year bonds due 2021 was an indication of investor confidence.
"The positive reception by investors is a clear indication of their confidence in EDC’s ability to reinforce its position in the Philippine renewable energy market and its potential to expand and maintain its position as a leader in the geothermal energy industry," said EDC President and Chief Operating Officer Richard B. Tantoco.
"It is also a recognition of our strong track record and continuing efforts to manage risks as EDC executes on its growth platforms," he added.
Mr. Tantoco said the proceeds would be used to fund "growth projects, capital expenditures, debt servicing requirements and other general corporate purposes."
EDC said it was "focused on domestic growth as well as overseas expansion, particularly in Asia and Latin America."
EDC’s net income rose by 446% to P7.58 billion in January to September 2010 from P1.39 billion in the same period in 2009. Core profits rose by 27% to P6.44 billion from P5.08 billion in the same period the year previous.
Revenues meanwhile grew by 21% to P19.3 billion from 2009’s P15.9 billion. Revenues from the sale of electricity alone increased by 71% to P17.5 billion from P10.2 billion.
Shares in EDC closed at P5.85 yesterday, down 1.02% from its previous close of P5.91 a piece. -- E. N. J. David
"The positive reception by investors is a clear indication of their confidence in EDC’s ability to reinforce its position in the Philippine renewable energy market and its potential to expand and maintain its position as a leader in the geothermal energy industry," said EDC President and Chief Operating Officer Richard B. Tantoco.
"It is also a recognition of our strong track record and continuing efforts to manage risks as EDC executes on its growth platforms," he added.
Mr. Tantoco said the proceeds would be used to fund "growth projects, capital expenditures, debt servicing requirements and other general corporate purposes."
EDC said it was "focused on domestic growth as well as overseas expansion, particularly in Asia and Latin America."
EDC’s net income rose by 446% to P7.58 billion in January to September 2010 from P1.39 billion in the same period in 2009. Core profits rose by 27% to P6.44 billion from P5.08 billion in the same period the year previous.
Revenues meanwhile grew by 21% to P19.3 billion from 2009’s P15.9 billion. Revenues from the sale of electricity alone increased by 71% to P17.5 billion from P10.2 billion.
Shares in EDC closed at P5.85 yesterday, down 1.02% from its previous close of P5.91 a piece. -- E. N. J. David
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