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EDC signs US$175m syndicated loan to refinance debt and stretch maturity

Bacon-Manito geothermal power plant, Philippines (source: First Gen Corp.)
Alexander Richter 21 Jun 2011

Energy Development Corp. signs six-year transferrable syndicated loan facility of US$175m to refinance debt and stretch maturity fo existing debt with ANZ, Bank of Tokyo-Mitsubisi, Chinatrust Commercial Bank, ING Bank, Maybank Group, Mizuho Corporate Bank, Standard Chartered Bank.

Reported this morning, Philippine-based “Energy Development Corp., the country’s biggest producer of geothermal power, signed on Tuesday a six-year, $175-million transferrable syndicated term loan facility.

In a disclosure to the Philippine Stock Exchange, EDC said the loan will refinance EDC’s existing $175 million transferrable syndicated term loan, to stretch its maturity from June 2013.

Mandated lead arrangers and bookrunners of the transaction are Australia and New Zealand Banking Group Ltd. (ANZ); the Bank of Tokyo-Mitsubishi UFJ Ltd.; Chinatrust Commercial Bank; ING Bank N.V. Manila branch; Maybank Group; Mizuho Corporate Bank Ltd.; and Standard Chartered Bank.”

Source: Business inquirer