EDC mulls P15B Asean green bond issuance


    Energy Development Corp. is eyeing a P15-billion Asean Green bond issuance, looking at initially offering to potential investors P5 billion.

    The renewable energy firm submitted to the Securities and Exchange Commission an application for the shelf-registration of the bonds that can be issued in the next three years.

    The first tranche of the bonds to be publicly offered will have a tenor of three years with an initial offer of P3 billion and another P2 billion covering the oversubscription.

    Proceeds of the offer will be used for the partial reimbursement of equity contributed by EDC into Bac-Man Geothermal Inc. in the fourth quarter of 2020 and in the first quarter this year for the funding of the capital expenditure requirements of Palayan Bayan Binary Project (PBBP).

    A portion of the proceeds will also be used for potential fresh equity contribution in the first quarter of 2022 in relation to PBBP.

    The bonds will be offered exclusively in the Philippines.

    The company tapped BDO Capital & Investment Corp. and BPI Capital Corp. as joint issue managers, joint lead underwriters, and bookrunners.

    SB Capital Investment Corp., will serve as co-lead underwriter.