Philippines: details on EDC $175m loan from group of seven banks
Northern Negros Geothermal Field of EDC, Philippines (source: EDC)
Alexander Richter
22 Jun 2011
Details are given on the refinancing of $175m of debt of Energy Development Corp. with seven banks. ANZ taking $55m, Standard Chartered $25m, BTMU, Maybank and Mizuho each $23.5m, InG $15m and Chinatrust Commercial $9.5m.
Details emerged on the refinancing announced last week by Philippine based Energy Development Corp. (EDC). On June 17, 2011, “Seven banks signed a $175-million six-year term loan.
The banks are ANZ, Standard Chartered Bank, Bank of Tokyo-Mitsubishi UFJ, Maybank, Mizuho Corporate Bank, ING Bank and Chinatrust Commercial Bank.
The amortizing loan, which has an average life of about 4.7 years, will not be syndicated.
Coordinator and documentation bank ANZ took $55 million. Standard Chartered holds $25 million. BTMU, Maybank and Mizuho each took $23.5 million. ING Bank holds $15 million and Chinatrust Commercial Bank, $9.5 million.
The facility pays a margin of 175 basis points (bp) over Libor and offered all-ins from around 185 bp to 205 bp, according to sources.
Pricing has been falling in the Philippines due to the mismatch between supply and demand, a source said.
The facility refinances the $175m three-year bullet term loan the borrower got in June last year. The mandated lead arrangers and joint bookrunners on that deal were ANZ, Credit Agricole CIB and Standard Chartered. That loan offered a top-level all-in of 350 bp via a margin of 325 bp over Libor in syndication.”
Source: ABS CBN News
