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Energy Development raises $300M from bond offering


Geothermal power firm Energy Development Corp. has raised $300 million from a 10-year bond offering due 2021, the company told the Philippine Stock Exchange Friday. The successful bond sale indicated the firm's ability "to reinforce its position in the Philippine renewable energy market and its potential to expand and maintain its position as a leader in the geothermal energy industry," the disclosure said. "It is a recognition of our strong track record and continuing efforts to manage risks as [Energy Development] executes on its growth platforms," said Energy Development president and chief operating officer Richard Tantoco. The proceeds from the bond offering will be used to fund Energy Development's growth projects, capital expenditures, debt servicing requirements, and other general corporate purposes. Energy Development said it is presently focused on domestic growth as well as overseas expansion, particularly Asia and Latin America. Energy Development — touted as the country's leading producer of geothermal energy — posted a net income of P7.58 billion in January-September last year from P1.39 billion in the same period in 2009. — JE/OMG, GMANews.TV

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