EDC to issue P15B bonds

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    The Energy Development Corp. (EDC) has approved the shelf registration of up to P15 billion worth of bonds.

    In a disclosure to the Philippine Dealing & Exchange Corp., the company’s board of directors said that the bonds will have an initial issuance of up to P3 billion with an oversubscription option of up to P2 billion fixed rate bonds, subject to the approval of the Securities and Exchange Commission.

    Erwin Avante, EDC vice president for corporate finance, said that the shelf registration will be for three years as proceeds of the initial tranche will be used mainly for capital expenditures and general corporate purposes.

    Proceeds will fund the P5-billion 28 megawatts binary cycle power generation plant in Bicol.