Business World Online
Posted on June 21, 2011 10:24:13 PM
LOPEZ-LED Energy Development Corp. (EDC) has signed a $175-million loan with several banks to refinance its existing debt, the company disclosed to the bourse yesterday.
The company signed the loan with seven banks with the Australia and New Zealand Banking Group Ltd. as sole coordinator.
“The new facility shall effectively refinance EDC’s existing $175-million Transferable Syndicated Term Loan Facility maturing on June 17, 2013,” the company said in the disclosure.
The loan was signed with Australia and New Zealand Banking Group Ltd., The Bank of Tokyo- Mitsubishi UFJ, Ltd., Chinatrust Commercial Bank, ING Bank N.V., Maybank Group, Mizuho Corporate Bank, Ltd. and Standard Chartered Bank.
EDC hopes to close the deal by the end of the month.
The company signed a $75-million loan with the International Finance Corp. earlier this year to partially fund its medium-term capital expenditures.
Earlier, EDC said it is expecting modest growth for the second quarter due to the moderate pricing in the Wholesale Electricity Spot Market, and the continuing rehabilitation of the 130-megawatt Bacon-Manito (BacMan) geothermal power plant in the Visayas.
It hopes to complete rehabilitation of the first few units of BacMan by the end of July or the first week of August.
In the first quarter of this year, EDC saw its earnings fall to P1.45 billion from P3.77 billion during the same period last year.
The reduced earnings “were driven by the suspension of steam sales to the National Power Corp. for BacMan, and the ongoing rehabilitation of its steam fields following the acquisition of the power plants in September 2010.”
Shares in EDC closed at P6.52, up 1.88% from its previous close of P6.40 a piece. -- Emilia Narni J. David
“The new facility shall effectively refinance EDC’s existing $175-million Transferable Syndicated Term Loan Facility maturing on June 17, 2013,” the company said in the disclosure.
The loan was signed with Australia and New Zealand Banking Group Ltd., The Bank of Tokyo- Mitsubishi UFJ, Ltd., Chinatrust Commercial Bank, ING Bank N.V., Maybank Group, Mizuho Corporate Bank, Ltd. and Standard Chartered Bank.
EDC hopes to close the deal by the end of the month.
The company signed a $75-million loan with the International Finance Corp. earlier this year to partially fund its medium-term capital expenditures.
Earlier, EDC said it is expecting modest growth for the second quarter due to the moderate pricing in the Wholesale Electricity Spot Market, and the continuing rehabilitation of the 130-megawatt Bacon-Manito (BacMan) geothermal power plant in the Visayas.
It hopes to complete rehabilitation of the first few units of BacMan by the end of July or the first week of August.
In the first quarter of this year, EDC saw its earnings fall to P1.45 billion from P3.77 billion during the same period last year.
The reduced earnings “were driven by the suspension of steam sales to the National Power Corp. for BacMan, and the ongoing rehabilitation of its steam fields following the acquisition of the power plants in September 2010.”
Shares in EDC closed at P6.52, up 1.88% from its previous close of P6.40 a piece. -- Emilia Narni J. David
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