MANILA, (PNA) — Lopez-led First Gen Corp., the country’s leading clean and renewable energy company, has priced a $ 250 million senior unsecured bond issue, proceeds from which will be used to invest in power projects.
The 10-year non-call 5-bond issue at a fixed coupon of 6.5 percent per annum will mature on October 9, 2023.
The bond’s maturity can be extended up to a further five years.
“The transaction garnered strong interest from offshore accounts in Asia and Europe, pricing tighter than initial guidance,” First Gen said in a disclosure.
The company said the proceeds from the issue will be invested in power projects as well as for general corporate purposes.
It plans to spend around P94 billion for the construction of natural gas facilities over the next five to six years.
Deutsche Bank, HSBC and J.P. Morgan served as Joint Lead Managers and Joint Lead Bookrunners for the transaction.
BDO Capital & Investment Corporation and Development Bank of the Philippines served as Domestic Lead Managers.