Aboitiz Power gets funds for acquisitions
12/19/2008 | 01:30 PM
MANILA, Philippines- Listed Aboitiz Power Corp. on Friday disclosed that it has availed of multi-billion in funds for its acquisitions.
In a statement to the Philippine Stock Exchange, Aboitiz Power said it availed of a total of P3.89 billion in funds , "an upsize from the original amount" of P3 billion.
The company had signed the notes facility agreement with a number of institutions which were BDO Capital & Investment Corp., BPI Capital Corp., First Metro Investment Corp., ING Bank N.V. Manila branch as joint lead managers.
The notes have a term of five and seven years and will be issued to "not more than 19 institutional investors."
"The proceeds of the notes issuance will be used to finance planned acquisitions of (Aboitiz Power) as well as for other general corporate purposes," the company said.
Aboitiz Power earlier said it was planning to participate in the bidding for the 192.5-megawatt Palinpinon geothermal plant, which the government will sell next year.
The company also expressed interest to bid for the independent power producer administration of the 1000-megawatt Sual power plant in Pangasinan and the 700-megawatt Pagbilao plant in Quezon.
Both are operated by Team Energy under build-operate-transfer contracts that will expire in 2024 and 2025, respectively.
The sale was launched last month by the Power Sector Assets and Liabilities Management Corp. The bid date for the plant is on February 20, 2009.
For the third quarter, Aboitiz Power’s earnings slipped by 8 percent to P1.1 billion, while nine-month net income improved by more than a third to P3.17 billion.GMANews.TV
In a statement to the Philippine Stock Exchange, Aboitiz Power said it availed of a total of P3.89 billion in funds , "an upsize from the original amount" of P3 billion.
The company had signed the notes facility agreement with a number of institutions which were BDO Capital & Investment Corp., BPI Capital Corp., First Metro Investment Corp., ING Bank N.V. Manila branch as joint lead managers.
The notes have a term of five and seven years and will be issued to "not more than 19 institutional investors."
"The proceeds of the notes issuance will be used to finance planned acquisitions of (Aboitiz Power) as well as for other general corporate purposes," the company said.
Aboitiz Power earlier said it was planning to participate in the bidding for the 192.5-megawatt Palinpinon geothermal plant, which the government will sell next year.
The company also expressed interest to bid for the independent power producer administration of the 1000-megawatt Sual power plant in Pangasinan and the 700-megawatt Pagbilao plant in Quezon.
Both are operated by Team Energy under build-operate-transfer contracts that will expire in 2024 and 2025, respectively.
The sale was launched last month by the Power Sector Assets and Liabilities Management Corp. The bid date for the plant is on February 20, 2009.
For the third quarter, Aboitiz Power’s earnings slipped by 8 percent to P1.1 billion, while nine-month net income improved by more than a third to P3.17 billion.GMANews.TV
