Business World Online
Posted on October 16, 2013 11:16:59 PM
A UNIT of Aboitiz Power Corp. (AboitizPower) has signed an agreement with a consortium of local banks for a loan of up to P24 billion to fund its 300-megawatt (MW) coal-fired power plant in Mindanao, the listed parent firm said in a disclosure yesterday.
“Therma South, Inc. (Therma South) signed an Omnibus Agreement with a consortium of lender-banks to obtain loans and credit accommodations in the amount of up to P24 billion,” the disclosure read.
AboitizPower identified BDO Capital & Investment Corp. as the issue manager and lead arranger of the transaction; while BDO Unibank, Inc.-Trust and Investments Group was appointed the trustee and facility agent.
“The proceeds of the loan will be used to finance the construction and operation of Therma South’s 2x150 circulating fluidized-bed coal-fired electric power generation facility…” the disclosure read.
AboitizPower President and Chief Executive Officer Erramon I. Aboitiz had said in May that the 300-MW power plant will be financed 70% through loan and 30% through equity.
Therma South is building the power facility in a site that straddles the boundary of Davao City and the municipality of Sta. Cruz in Davao del Sur. The plant is scheduled to be operational in 2015.
The National Grid Corporation of the Philippines, in June, asked the Energy Regulatory Commission to approve its P853-million substation project in Davao to accommodate the entry of Therma South’s power plant.
The substation is set to be completed in 2015, just in time for the commercial operations of the power facility.
AboitizPower is the power generation and distribution arm of the Aboitiz Group.
The company’s net income fell 21.77% to P9.74 billion in the first half from P12.45 billion in the same six months last year. In the same comparative periods, revenues declined 5.02% to P29.7 billion from P31.27 billion, while expenses dropped by 14.05% to P18.47 billion from P21.49 billion.
Its shares gained 55 centavos or 1.62% to close at P34.60 apiece yesterday from P34.05 apiece on Monday. -- Claire-Ann Marie C. Feliciano source
AboitizPower identified BDO Capital & Investment Corp. as the issue manager and lead arranger of the transaction; while BDO Unibank, Inc.-Trust and Investments Group was appointed the trustee and facility agent.
“The proceeds of the loan will be used to finance the construction and operation of Therma South’s 2x150 circulating fluidized-bed coal-fired electric power generation facility…” the disclosure read.
AboitizPower President and Chief Executive Officer Erramon I. Aboitiz had said in May that the 300-MW power plant will be financed 70% through loan and 30% through equity.
Therma South is building the power facility in a site that straddles the boundary of Davao City and the municipality of Sta. Cruz in Davao del Sur. The plant is scheduled to be operational in 2015.
The National Grid Corporation of the Philippines, in June, asked the Energy Regulatory Commission to approve its P853-million substation project in Davao to accommodate the entry of Therma South’s power plant.
The substation is set to be completed in 2015, just in time for the commercial operations of the power facility.
AboitizPower is the power generation and distribution arm of the Aboitiz Group.
The company’s net income fell 21.77% to P9.74 billion in the first half from P12.45 billion in the same six months last year. In the same comparative periods, revenues declined 5.02% to P29.7 billion from P31.27 billion, while expenses dropped by 14.05% to P18.47 billion from P21.49 billion.
Its shares gained 55 centavos or 1.62% to close at P34.60 apiece yesterday from P34.05 apiece on Monday. -- Claire-Ann Marie C. Feliciano source
No comments:
Post a Comment