First Gen Corp. through subsidiary FGP Corp., signed a $308 million, 6-year term loan facilities with the Philippine Islands, BDO Unibank, Inc., Philippine National Bank and Sumitomo Mitsui Banking Corp.-Singapore branch.
In a disclosure to the Philippine Stock Exchange, First Gen said that initial drawdown on the loans will be primarily used to repay the amounts due on FGP’s existing debt, approximately at $164 million while the balance will be drawn in the next 12 months to pre-fund upcoming projects.
“The combined debt facilities totalling $308 million is a testimony to the strong support and continuing confidence of our lenders in First Gen’s natural-gas business. First Gen pioneered this business about 24 years ago and it has since reached even greater heights.
The natural gas platform now stands at 2,017 megawatts (MW) and we are working hard to deliver the country’s first interim offshore LNG terminal project, as well as additional natural gas-fired power plants…,” said Francis Giles Puno, First Gen president and chief operating officer.
