First Gen takes out $142-million syndicated loan

First Gen Corp., the power generation unit of the Lopez group, took out a syndicated loan amounting to $142 million. In a disclosure to the Philippine Stock Exchange, First Gen said the loan will fund investments, refinance outstanding debts, and general corporate expenses. First Gen said Banco de Oro Unibank Inc., Security Bank Corp., Bank of the Philippine lslands, Maybank Philippines Inc., Rizal Commercial Banking Corp., UnionBank of the Philippines, Mizuho Corporate Bank, Allied Banking Corp., and Robinsons Savings Bank will give the loan. The company noted that the loan — arranged by BDO Capital & Investment Corp. — will carry a six- and seven-year floating rate. First Gen’s ability to borrow is greater, as its income performance improved over the past months, the company noted. In the first six months of 2010, First Gen registered a net income of $50 million against $19.4 million a year earlier. —JE/VS, GMANews.TV