TeaM Energy gets $200-million syndicated loan from 2 local banks

business mirror

MONDAY, 02 JULY 2012 23:13 JUN VALLECERA / REPORTER

TEAM Energy Corp. which operates some of the largest power-generating companies in the country has obtained a syndicated loan for $220 million (P9.3 billion in local currency) from two local banks, Security Bank Corp. and the Metropolitan Bank and Trust Co.

The transaction marked the first time the power-generating firm, representing the joint venture between Marubeni Corp. and Tokyo Electric Power Co., obtained its dollar financing needs from domestic lenders instead of elsewhere as in the past.

This also highlighted the ready availability of US dollars in an economy that has thus far accumulated foreign currency reserves of some $76 billion and separate from foreign currency assets (considered the country’s secondary foreign currency reserves) worth another $30.1 billion.

TeaM Energy will use the proceeds to refinance a loan obtained earlier from PPF Co. BV known earlier as Nomura Philippines Power Funding Co. to help it acquire full ownership of Mirant Asia Pacific Ltd. in 2007 when that company was the largest independent power producer or IPP in the country.     source