Business World Online
Posted on October 29, 2013 10:39:24 PM
FIRST GEN Corp. has successfully raised another $50 million through a reopened bond issue, the Lopez-led firm said in a disclosure to the bourse yesterday.
FIRST GEN has raised another $50 million from its 2023 bonds. -- www.energy.com.ph
“Further to our earlier disclosure on the reopening of First Gen’s… Regulation S US dollar bond issue, please be informed that the company has issued an additional $50 million…” the disclosure dated Oct. 25 read.
Details of the issue price were not immediately available.
The additional notes were issued under the same terms and conditions of First Gen’s outstanding $250-million 6.5% senior unsecured fixed-rate notes due on October 2023, it continued.
The reopening of an existing bond issue entails the sale of additional amounts of a previously issued bond, with the maturity date and interest rate of the original debt but with a different issue date and price based on prevailing market yields.
On Oct. 10, First Gen reported that it closed the $250-million 10-year bond offer intended to fund investments in power projects and corporate spending.
The company said the bonds, traded on the Singapore Exchange Securities Trading Ltd., would mature on Oct. 9, 2023.
First Gen tapped Deutsche Bank, HSBC and JPMorgan as joint lead managers and joint lead bookrunners for the transaction, while BDO Capital & Investment Corp. and Development Bank of the Philippines were domestic lead managers.
First Gen had said in May that it was planning to tap the debt markets to fund the second phase of its San Gabriel natural gas power project in Batangas.
The company then said it was considering all options, including syndicated loans and issuance of dollar or peso bonds.
The San Gabriel project, which involves the construction of a facility with a total capacity of 1,300 megawatts (MW), will be carried out in three phases beginning this year at a cost of $1.4 billion.
First Gen is the holding company for the Lopez Group’s power generation businesses. It owns and operates several power plants, with a total installed capacity of 2,763 MW.
The company saw its net income sink 30.65% to $116.042 million in the first semester from $167.32 million in the same period last year.
Revenues fell 4.22% to $984.615 million from $1.028 billion, while the cost of sale of electricity dropped 5.5% to $651.706 million from $689.666 million.
First Gen shares shed 12 centavos or 0.73% to close at P16.24 apiece yesterday from P16.36 on Friday last week. -- Claire-Ann Marie C. Feliciano source
Details of the issue price were not immediately available.
The additional notes were issued under the same terms and conditions of First Gen’s outstanding $250-million 6.5% senior unsecured fixed-rate notes due on October 2023, it continued.
The reopening of an existing bond issue entails the sale of additional amounts of a previously issued bond, with the maturity date and interest rate of the original debt but with a different issue date and price based on prevailing market yields.
On Oct. 10, First Gen reported that it closed the $250-million 10-year bond offer intended to fund investments in power projects and corporate spending.
The company said the bonds, traded on the Singapore Exchange Securities Trading Ltd., would mature on Oct. 9, 2023.
First Gen tapped Deutsche Bank, HSBC and JPMorgan as joint lead managers and joint lead bookrunners for the transaction, while BDO Capital & Investment Corp. and Development Bank of the Philippines were domestic lead managers.
First Gen had said in May that it was planning to tap the debt markets to fund the second phase of its San Gabriel natural gas power project in Batangas.
The company then said it was considering all options, including syndicated loans and issuance of dollar or peso bonds.
The San Gabriel project, which involves the construction of a facility with a total capacity of 1,300 megawatts (MW), will be carried out in three phases beginning this year at a cost of $1.4 billion.
First Gen is the holding company for the Lopez Group’s power generation businesses. It owns and operates several power plants, with a total installed capacity of 2,763 MW.
The company saw its net income sink 30.65% to $116.042 million in the first semester from $167.32 million in the same period last year.
Revenues fell 4.22% to $984.615 million from $1.028 billion, while the cost of sale of electricity dropped 5.5% to $651.706 million from $689.666 million.
First Gen shares shed 12 centavos or 0.73% to close at P16.24 apiece yesterday from P16.36 on Friday last week. -- Claire-Ann Marie C. Feliciano source
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