First Gen inks US$ 200-M loan with BDO Unibank

MANILA, Sept. 23 (PNA) — First Gen Corp. has signed Wednesday a US$ 200-million term loan agreement with BDO Unibank, Inc., for its subsidiaries’ capital requirements.

In a disclosure from the Philippine Stock Exchange (PSE) Wednesday, the company said “First Gen intends to use the proceeds from the notes as funding for its subsidiaries’ capital requirements and other general corporate purposes.”

First Gen said BDO Capital & Investment Corp. was also tapped as the arranger.

The generation company added that the credit facility will have a tenor of 10 years from its date of issuance.

First Gen’s subsidiaries includes First Gas Power Corp.’s (FGPC’s) and Energy Development Corp. (EDC).

Among FGPC’s ongoing projects are the 100-MW Avion natural gas plant, while its incoming natural gas projects are the San Gabriel power plant and the Sta. Maria power plant.

EDC, on the other hand, is working on its geothermal and hydro power projects. (PNA)