Aboitiz Power unit raises P19-B of fixed corporate notes


AboitizPower unit SN Aboitiz Power-Magat Inc. (SNAP-Magat) has inked a partnership with the Bank of the Philippine Islands (BPI) and China Banking Corp. (China Bank) to raise P19-billion fixed rate corporate notes.

“The proceeds of the notes will be used by SNAP Magat to, among others, repay its existing loans, finance its recapitalization and fund other general corporate purposes,” Aboitiz disclosed.

SNAP-Magat appointed BPI-Asset Management and Trust Group as facility agent and BPI Capital Corp. as lead arranger and bookrunner. China Bank Capital Corp. was the joint lead arranger.

SNAP-Magat, Inc. is a joint venture between AboitizPower and SN Power AS of Norway and owns the 360-megawatt (MW) Magat Hydroelectric Power Plant in the border between Ramon in the Isabela Province and Alfonso Lista in the Ifugao Province.

The company is also developing the 8.5-MW Maris South Canal (MSC) Hydroelectric Power Plant in Isabela estimated at $47.1 million expected to be finished in November next year. The plant is set to generate additional electricity for the Luzon grid.