"First Gen unit to tap bond market
By: Euan Paulo C. Añonuevo | Manila Times
22 May 2008 | 10:23 AM
The natural gas unit of First Gen Corp. plans to borrow abroad through the sale of IOUs, as part of the Lopez-controlled company’s refinancing efforts.
In a disclosure to the Philippine Stock Exchange, First Gen said its wholly owned unit Unified Holdings Corp. is “contemplating/planning” an offering of debt securities.
Unified Holdings owns a 60-percent stake in First Gas Philippines Corp., which operates the 1,000-megawatt Santa Rita and 500-megawatt San Lorenzo combined-cycle natural gas-fired power plants. The remaining shares are held by the London- and New York-listed BG Group.
First Gen said that Unified Holdings is in preliminary discussions with several financial institutions in connection with its fund-raising plan.
Francis Giles B. Puno, First Gen chief finance officer, earlier said the company is planning to refinance the bulk of its subsidiaries’ debts, the savings of $400 million from which will be used to pay off its long-term obligations.
“We’re in the process of firming [up] our short-term obligations by refinancing Sta.Rita and San Lorenzo,” he said.
Thursday, May 22, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment