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)
“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.