Manila Times.net
ENERGY Development Corp. (EDC) on Tuesday said it has signed a $175 million six-year syndicated term loan facility.
In a disclosure to the Philippine Stock Exchange, the Lopez-led company said the money will be used to refinance an existing loan of the same amount, which is set to mature on June 17, 2013.
Lead arrangers and bookrunners were the Australia and New Zealand Banking Group Ltd., the Bank of Tokyo-Mitsubishi UFJ Ltd., Chinatrust Commercial Bank, ING Bank N.V.-Manila Branch, Maybank Group, Mizuho Corporate Bank Ltd. and Standard Chartered Bank.
The transaction is expected to close by the end of this month, EDC said.
An affiliate of First Gen Corporation, EDC is the country’s largest geothermal power producer.
Its shares climbed to P6.52 apiece on Tuesday from P6.40 last week.
James Konstantin Galvez
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