EDC looking at refinancing of $117m debt for Bacon-Manito Geothermal

Bacon-Manito geothermal power plant, Philippines (source: First Gen Corp.)
Alexander Richter 3 Jun 2015

Philippine based Energy Development Corporation (EDC) plans to expand Bacon-Manito Geothermal Inc plant with three more units.

Philippine geothermal company Energy Development Corporation (EDC) recently made public that it “plans to refinance the $111.7 million (P5 billion) debt of its local subsidiary Bacon-Manito Geothermal Inc (BGI)” according to Deal Street Asia.

The same source quites Francis Giles Puno, chief financial officer of EDC’s parent firm said EDC might borrow from three local banks to refinance the debt that will be payable within seven years. He said that a lead arranger for the transaction might be chosen by July. EDC also plans to expand BGI by three more units. The latter has a total output of 140 MW.

According to the Philippine News Agency, EDC will not secure other borrowings in 2015, citing the company has completed the P8.5 billion refinancing for the maturing bonds of Greencore Geothermal Inc from eight local banks last March.

EDC has another P3.5 billion bond set to mature by December 2016.

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Source: Deal Street Asia