GMPC gets $800M debt deal with five banks for refinancing activities

EDC to borrow P1 to P2 billion to refinance debts

Aboitiz-led GNPower Mariveles Coal Plant Ltd. Co. is moving forward with refinancing activities after securing agreements with five local banks to raise funds amounting up to $800 million.

In a statement released by Aboitiz Power Corp., GMPC recently signed a notes facility agreement with BDO Unibank Inc., China Banking Corp., Land Bank of the Philippines, Security Bank Corp., and Philippine Bank of Communications.

BDO Capital & Investment Corp. will act as GMPC’s mandated lead arranger of the transaction, which the company earlier revealed to be used for the 70 percent of the construction cost of the first unit of the 2×660-MW supercritical coal-fired power plant in Mariveles, Bataan.

The Mariveles power asset is part of GMPC’s expansion plans following the 2×345-MW coal plant in the same location.

It started its operation way back in 2014 under the ownership of Nauruan-American firm Power Partners Ltd. Co.. and AC Energy Holdings Inc., which it has a controlling stake of 20 percent.

In addition, GMPC said the proceeds will also be allocated for the refinancing of its existing loans and other general corporate purposes.

GMCP is a private limited partnership of AboitizPower subsidiaries namely Therma Mariveles Holdings Inc. and Therma Mariveles Camaya B.V., along with Mariveles Coal Project GP Corp., Power Partners Ltd. Co., and AC Energy’s affiliates Arlington Mariveles Philippines GP Corp. and Arlington Mariveles Netherlands Holdings B.V.