(The Philippine Star) | Updated April 28, 2017 - 12:00am
MANILA, Philippines -
Lopez-led Energy Development Corp. has closed a P5-billion loan with Security
Bank Corp. as part of its refinancing program for its existing debts.
In a disclosure to the
Philippine Stock Exchange yesterday, EDC said it executed a 15-year and 10-year
fixed rate amortizing loan with Security Bank Corp. for a total amount of up to
P5 billion.
“The facility will be
used to refinance existing and maturing loans of the company and for general
corporate purposes,” it said.
Previously, EDC has
also signed a 15-year, P3.5-billion loan deal with Union Bank of the
Philippines for the same purpose.
This follows the tender
offer for $100 million of $300 million 6.5-percent notes due 2022, which are
listed on the Singapore Exchange Securities Trading Limited (SGX-ST).
EDC said the offer will
better manage currency risk and better optimize EDC’s debt maturity profile. It
will also give noteholders the opportunity to gain liquidity, the company
added.
Once acquired, EDC said
notes will be cancelled and will not be re-issued or re-sold.
The company has
appointed Hongkong and Shanghai Banking Corp. Ltd. as dealer manager for the
offer.
Last year, its
consolidated net income rose 24 percent from P7.86 billion in 2015 to P9.72
billion in the previous year.
Meanwhile, core net
income increased four percent from P8.8 billion to P9.2 billion due to improved
performance and lower operating expenses of the Negros Island and First Gen
Hydro business units.
Revenues for the period
amounted to P34.2 billion, a slight decrease of P0.1 billion from the previous
year, as depressed spot market prices for the Bacman and Nasulo geothermal
plants’ uncontracted capacity offset gains in overall sales volume.
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