November 26, 2015 9:33 pm by KRISTYN NIKA M. LAZO AND RITCHIE A. HORARIO
REPORTERS
Alsons Consolidated
Resources Inc. has tapped the debt market to raise P7.5 billion to fund new and
existing power plants, as well as future ventures in renewable energy.
The company entered
into an omnibus notes facility and security agreement with ING Bank N.V. for
the fixed-rate corporate notes. The bank’s Manila Branch is the issue manager
and bookrunner for the transaction.
In a disclosure to
the Philippine Stock Exchange on Thursday, Alsons said the notes will be issued
in five- and seven-year tranches.
Part of the proceeds
from the debt notes will be used to prepay an existing loan facility.
According to Alsons, it is the first and most experienced independent power producer in Mindanao.
According to Alsons, it is the first and most experienced independent power producer in Mindanao.
The company is
currently developing coal-fired power plants, including the 105-megawatt (MW)
San Ramon Power Inc. in Zamboanga and the 210-MW Sarangani Energy Corp. in
Maasim, Sarangani. These power facilities are expected to provide a long-term
baseload for Mindanao.
Alsons is also going
into renewable energy, gearing up to start building a 15-MW hydroelectric plant
at the Siguil River in Sarangani next year.
All of the power
assets held by Alsons are expected to generate 588 MW by 2019, accounting for
25 percent of the projected peak demand for Mindanao.
The Alsons Group said
it has been active in the economic development of the country for more than 50
years, mainly in Mindanao.
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