EDC gets P3.6 billion loan from UnionBank for ‘debt refinancing’

EDC gets P3.6 billion loan from UnionBank for ‘debt refinancing’

The Energy Development Corp. (EDC) is borrowing P3.5 billion from the Union Bank of the Philippines to refinance its existing debt.

The Lopez-led group disclosed to the stock exchange that it executed a 15-year amortizing loan with UnionBank for a total amount of up to P3.5 billion.

“The facility will be used to refinance existing loans of the company,” the company said.

A week ago, EDC launched a tender offer for $100 million of $300 million 6.5 percent noted due 2022, which are listed on the Singapore Exchange Securities Trading Limited (SGX – ST)

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“The purpose of the offer is to better manage currency risk and better optimize EDC’s debt maturity profile,” EDC said.

The company accepted tender offers with an aggregate amount of $65.92 million at a purchase price of $1,110 per $1,000 principal amount as of April 5.

Additional note offers will be accepted until April 10 and will be settled on April 12.

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