Power producer First Gen Corporation, in a disclosure to the Philippine Stock Exchange, announced that it has signed a USD142-million six-and-seven-year floating rate term loan with Banco De Oro (BDO) Capital and Investment Corporation.
Funds will be made available until Feb. 28, 2011. The proceeds of the loan will be used to fund investments, finance capital requirements for various growth initiatives of the company, partially refinance outstanding indebtedness, and fund other general corporate purposes.
The firm added that BDO will act as the issue manager and sole bookrunner, with a consortium of foreign and commercial banks composed of Banco de Oro, Security Bank, Bank of the Philippine Islands, Maybank, Rizal Commercial Banking Corporation, Union Bank of the Philippines, Mizuho Corporate Bank, Allied Bank Corporation and Robinsons Savings Bank.
The loan has a grace period of 74 and 36 months from drawdown, respectively. (PNA)
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