EDC to refinance debts with $175-M loan

Energy Development Corp. will refinance its $175-million loan maturing on June 17, 2013 with a new six-year transferable syndicated term loan facility it expects to close by the end of this month. The Australia and New Zealand (ANZ) Banking Group Limited was the sole coordinator and documentation bank in the transaction. ANZ was also the lead arranger and bookrunner along with The Bank of Tokyo-Mitsubishi UFJ Ltd., Chinatrust Commercial Bank, ING Bank NV, Maybank Group, Mizuho Corporate Bank Ltd. and Standard Chartered Bank. The energy firm signed the loan agreement on Friday corporate information officer Rowena C. Clemente said in a disclosure posted on the Philippine Stock Exchange website Tuesday. EDC is the largest producer of geothermal energy in the country and is responsible for 62 percent of the country’s geothermal supply. It operates twelve steamfields and sells the output to the National Power Corp. — ELR/VS, GMA News