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EDC hires 3 banks for US$175m loan

Palinpinon geothermal power plant, Philippines (EDC)
Alexander Richter Alexander Richter 22 Mar 2010

Energy Development Corp., the Philippines’ biggest producer of geothermal power, hired three banks for a $175 million loan.

In news from the Philippines, “Energy Development Corp., the Philippines’ biggest producer of geothermal power, hired three banks for a $175 million loan, according to two people familiar with the matter.

Australia & New Zealand Banking Group Ltd., Credit Agricole CIB and Standard Chartered Plc agreed to underwrite a three-year facility, the people said, asking not to be identified as the details are private.

The loan will be used to refinance debt and for working capital, one of the people said. The three banks will seek to add other lenders through a syndication this month, they said.

Manila-based Energy Development has $243 million in loans maturing this year, according to data compiled by Bloomberg.”

Source: Business Week