ENERGY Development Corp. (EDC) listed P10 billion fixed rate Asean Green Bonds on Monday which is the second tranche of its P15 billion Asean shelf registration in the Philippine Dealing and Exchange Corp. (PDEx).
The P5-billion first tranche bonds were issued and listed by EDC on June 25, 2021.
The company said the latest issuance was more than seven times subscribed over its P6 billion base issue size, allowing EDC to exercise the oversubscription option and raise an additional P4 billion.
The second tranche bonds were priced at the lowest end of the credit spread range, fetching rates of 6.7478 percent, 6.8873 percent and 7.0626 percent for the three-year, five-year and seven-year series, respectively.
“As we are all feeling the past few weeks, the Philippines is experiencing dangerously high heat indices. This has led to a surge in electricity demand, particularly for cooling, which has significantly reduced our reserve levels and has put upward pressure on electricity prices,” said Jerome Cainglet, EDC president and chief operating officer, in a statement.
“We look forward to adding renewable energy capacity to address these and, through the green
bonds, present the public with the opportunity to participate in financing clean and renewable
energy projects in line with our company’s mission of forging collaborative pathways for a
decarbonized and regenerative future,” Cainglet added.
