Business World Online
Posted on December 13, 2012 11:30:14 PM
SARANGANI ENERGY Corp., a subsidiary of listed Alsons Consolidated Resources, Inc., has secured a P9.3-billion syndicated loan to complete funding for its planned 105-megawatt (MW) coal-fired power plant in Sarangani province, the parent said in a disclosure yesterday.
The company said it signed the loan agreement last Dec. 12 with a group composed of BDO Unibank, Inc.; Asia United Bank; Rizal Commercial Banking Corp.; United Coconut Planters Bank; Philippine Business Bank; Planters Development Bank; and Robinsons Bank.
The disclosure identified BDO Capital & Investment Corp., and RCBC Capital Corp. as the lead arrangers for the loan, together with Asia United Bank as co-arranger.
The loan will be used to finance the ongoing construction of the first 105-MW unit of a planned 210-MW coal-fired power facility in Sarangani which is targeted to be completed by Aug. 2015.
The facility is intended to form part of a “long-term solution to the current power shortage in Mindanao” which yesterday totaled some 171 MW.
Last Monday, Alsons signed a shareholder’s agreement with Toyota Tsusho Corp., finalizing the Japanese firm’s acquisition of a 25% stake in Sarangani Energy.
Thirty percent of the $310-million funding requirement of the first plant is backed by equity financing of the two parties on a 75:25 basis. Luis R. Ymson, Jr., chief financial officer of Alsons, said in a text message yesterday that the recently secured loan of Sarangani Energy “completes the funding of the project.”
Alsons currently controls and operates a 100-MW bunker fuel-fired plant in Zamboanga City through Western Mindanao Power Corp. and a 55-MW bunker fuel plant in Sarangani through Southern Philippines Power Corp.
Its shares shed one centavo or 0.75% to P1.32 apiece yesterday from P1.33 on Wednesday. -- Claire-Ann Marie C. Feliciano source
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