The Energy Development Corp. has secured a 15-year and 10-year fixed rare amortization loan with Security Bank Corp. for its refinancing program for its existing debts.
In a disclosure to the Philippine Stock Exchange, the Lopez-led company said it signed a P5-billion loan with the bank for “refinancing existing and maturing loans of the company and for general corporate purposes.’
It previously signed a 15-year, P3.5billion loan with the Union Bank of the Philippines for the same reason.
This comes after the tender offer for $100 million or $300 million 6.5-percent notes due by 2022 as listed on the Singapore Exchange Securities Trading Limited. Hongkong and Shanghai Banking Corporation Limited will serve as the dealer manager for the offer.
EDC said the offer will help the company manage currency risk and optimize their debt maturity profile, as well as give noteholders the chance to have liquidity. When the offer is acquired, the notes will be cancelled and shall not be re-issued or re-sold.